February, 2018 Copyright 2018
NEXT GENERATION OF WORLD CLASS SOUTH AFRICAN MINES Four commodity-focused entities WRE is a solely Witwatersrand gold focused entity Highly prospective portfolios of exploration and near term development properties Unique historic Witwatersrand borehole databases, which facilitate fast tracking of projects Highly experienced technical and corporate teams 1
24 APPLICATIONS GROUPED INTO 14 PROJECTS AND FOUR ENTITIES Total: 2,153.3 km² 2
WHITE RIVERS EXPLORATION
COMPANY PROFILE Privately owned, South African-registered exploration and development company founded in 2007 and based in Johannesburg Portfolio assembled and sole-funded by 63% owner and prominent Australian prospector and mining entrepreneur, Mark Creasy Ten projects ranging from near term commercialisation to advanced exploration Primary focus on gold - largest tenement holding in Witwatersrand Basin gold province JV project with South Africa s third largest gold miner, Harmony Gold, for the development of one of the world s largest unmined gold resources 4
BOARD OF DIRECTORS CURRENT WRE SHAREHOLDING Stephen O'shea 2% Theo Pieters 2% Pol Sun 5% Tahlia Family Trust 1% Native Exploration 13% Warburton Family Trust 1% 26% Black Economic Empowerment (BEE) Partners Insingizi Minerals 13% Creasy Group** 63% WHITE RIVERS EXPLORATION (PTY) LTD ** Long-Term Sole Funder to WRE 5
White Rivers Exploration WRE- Harmony Gold JV Bothaville Ventersburg Beisa Kroonstad Oribi Klerksdorp South Hennenman Vredefort West Vredefort NE GOLD-FOCUSED PORTFOLIO OF 10 PROJECTS 6
BROWNFIELDS PROJECTS Projects adjacent to existing or dormant operations 7
WRE HARMONY GOLD JOINT VENTURE 8
JV KEY FACTS JV agreement signed in September 2014 JV MINE PLAN WRE 65% / Harmony 35% (all commodity rights except coal) 9.56km 2 area (+ buffer zone) adjacent to Harmony s producing Target Mine Harmony supplied all historical exploration data, site access and significant land area WRE manager of JV until Decision to Mine is taken WRE funds 100% of exploration to PFS (~AUD$6.8m spent) Scoping study complete, PFS nearing completion Pro-rata funding based on equity during BFS Following Decision to Mine, Harmony 51% / WRE 49% Harmony manages mining phase, utilising neighbouring installed Target Mine infrastructure Target 2 and 3 Shafts
MULTIPLE CONTINUOUS GOLD REEFS 9
1km SCOPING STUDY PHASED MINE PLAN 1km Target 1 Shaft Target 2 Shaft Target 3 Shaft ± 3.5km Phase 2 Phase 1 48 Level 56 Level Phase 3 Long Section View Proposed Mining Strategy: Phase 1: Mine shallow southern portions of orebody utilising Shaft 3 Phase 2: Access down plunge from early (Phase 1) mining areas using decline access utilising Shaft 2 Phase 3: Mining off a new access into central and northern areas of JV orebody utilising Shaft 2 11
SHORT TERM JV PROJECT MILESTONES 1. July 2018: PFS released 2. End 2018: Underground exploration into Phase 1 3. July 2019: BFS released 4. End 2019: Decision to Mine 14
Bothaville The Structure of the De Bron and Concord Horsts Shallow Witwatersrand Mineralisation
A Reef Depth Contours Below Surface 17 km of shallow reefs strike length A C B D Contours shown for shallower areas only 14
500 mbs 1 000 mbs 500 mbs 1 000 mbs Geological Sections across the Concord Horst mbs = metres below surface
Proposed Drilling Programme for Bothaville NE No JORC compliant mineral resources have historically been declared in this area Existing exploration drilling is too sparse The Aandenk Formation (containing the A Reef) subcrops beneath the Karoo at depths less than 250 m below surface (mbs) over a strike length of 17 km A historically drilled borehole (CC2) identified the presence of enriched A Reef (elevated values were also found in the Big Pebble Reef and B Reef) A Reef gold intersection value of up to 14.7 g/t was recorded This borehole was twinned and similar high grade gold value was confirmed The A Reef has been mined as a secondary economic placer in several mines in the Witwatersrand Basin and its full potential has not been realised A Reef channels are generally orientated in a NW-SE direction Several promising A Reef intersections were recorded in the project area
Drilling Programme Overview A three stage drilling programme is proposed to improve confidence in the nature and extent of mineralisation in the A Reef centred around borehole CC2 Drillhole spacing has been guided by the geological and geostatistical requirements to yield an indicated resource Boreholes will be extended to intersect the B Reef which has yielded several promising intersections and is a recognised economic placer in the Welkom Goldfield Borehole deflections will be drilled to provide confirmatory intersections in each of the boreholes
Phased Drilling Programme Phase 1 Designed to establish proof of concept based on the postulated northwest reef channel package The drilling is aimed at defining a JORC compliant Indicated Resource Phase 1a A NW-SE oriented line of boreholes spaced 250 m apart along the line of borehole CC2 (four motherholes and four short deflections) Phase 1b Two step-out drilling lines at 250 m intervals to the northeast and southwest of the CC2 line, from the reef package sub-outcrop with the Karoo, down-dip to an elevation of 600 m below surface Phase 1c Depending on the results of the previous phases, infill drilling will be carried out between existing borehole lines The purpose of this exercise is to satisfy the minimum requirements for a JORC compliant Indicated Resource Phases 2 and 3 Designed to test the full 17 km strike length of the reef package for the presence of additional payshoots Where successful, infill drilling will be undertaken
Phased Drilling Strategy
Ventersburg Goldfield Consortium is comprised of: 1. Gold One 2. Sibanye-Stillwater 3. White Rivers Exploration Current Indicated and Inferred Resources totalling 76.88 Mt at 4.13 g/t resulting in 8.08 Moz White Rivers funds initial project review by data amalgamation and synthesis considering a budget of ZAR 2 Mill 20
WRE s Gold Borehole Database Number of Boreholes within WRE Tenements and Buffers Motherholes 595 Deflections 825 Total 1 420 Most significant Witwatersrand borehole database in South Africa The valuation of boreholes only contained within the tenements and buffer amounts to USD186 million* An additional 1 813 motherholes indicated by red circles Total number of motherholes: 2 408 WRE s complete gold database - estimated value if replicated USD559 million* WRE exclusive ownership (excluding JV underground drilling info) 21 borehole sources Boreholes contained in secure Access Database and in GIS** On-going QA/QC performed 21 *In 2018 USD ** Geographic Information System 17
WRE Base Metals 18
Locality Plan Natal East Nkunzana Phoenix 19
Natal East: Phoenix Mine Phoenix Mine Entrance Section of Phoenix Gold Mine Entrance Orebody (Hatch, 1910) Gold in quartz veins is hosted in a schist along a shear zone Veins vary from a few centimetres to several metres in thickness Veins strike east-west and dip at 50º S Shear zone has a width of 2 3 m Sample No. Phoenix Mine (Hatch, 1910) Distance from Entrance Width Grade m cm g/t B.272 0.0 86.4 6.0 B.269 4.6 91.4 3.4 B.270 7.6 76.2 3.4 B.287 10.7 114.3 0.9 P.D.21 13.7 45.7 1.7 B.271 16.8 91.4 6.9 B.291 19.8 66.0 7.7 B.268 64.0 71.1 3.4 B.267 67.1 55.9 5.1 B.266 70.1 61.0 4.3 B.265 73.2 167.6 5.1 B.264 76.2 104.1 6.0 B.263 79.2 45.7 2.6 P.D.44 82.3 27.9 2.6 P.D.32 85.3 7.6 6.0 B.297 88.4 20.3 12.0 B.342 91.4 96.5 0.0 B.296 94.5 35.6 15.4 B.295 97.5 15.2 25.7 B.298 100.6 68.6 1.7 B.299 103.6 38.1 9.4 B.292 76.2 106.7 8.6 B.294 109.7 121.9 36.0 B.293 112.8 139.7 92.6 B.281 112.8 15.2 132.0 B.262 115.8 121.9 51.4 B.278 0.0 76.2 11.1
INVESTMENT HIGHLIGHTS Highly prospective exploration and advanced gold projects Advanced exploration and mine planning activities commenced on Harmony JV - very large gold resource with clear production route Unique high value borehole database - largest in South Africa Potential to substantially increase resource through further drilling On ground presence with proactive and professional BEE partners Strong board and in-country technical team Investors being offered rare opportunity to invest in projects with near term commercialisation opportunities Multiple JV/partnership opportunities 18