Independence you can trust

Adding Value at Every Stage

Exploration notialuvat EjecPro

TECHNICAL / SCIENTIFIC SERVICES

§ Statistical Design of Exploration Programmes

§ Independent Sign-Offs§ Sample Trail Audits§ 3D Geological Modelling§ Mineral Resource Estimation§ Technical Trail Audit§ Technical Environmental, Health,

Safety and Community Statements

§ Structural Modelling§ NI 51-101 Oil and Gas Reports

REPORTING - Compliance with all Global Reporting Codes and Securities Commissions

§ Prospectivity Reviews§ Listing Documentation and

Readiness Appraisals§ On-Going Reporting§ Independent Sign-Off on Press

Releases§ Sarbannes-Oxley Compliance

Checks§ Investor Promotional

Documentation

§ Competent Persons’ Reports§ Techno-Economic Reports§ NI 43-101 Independent Technical

Reports§ Expert Reports

§ Full Technical Independent Reviews and Report Compilation

§ Annual Reporting§ Compliance Gap Analysis

STRATEGY

§ Strategic Portfolio Assessment§ Market and Commodity

Reviews

FINANCIAL SERVICES - Independent Financial Reporting in Compliance with all International Reporting Codes

(SAMVAL, VALMIN, CIMVAL)

§ Mineral Asset Valuation§ Commodity Valuation Curves§ Corporate Finance§ Deal Structure Assessment§ Fair and Reasonable Statements§ Fairness Opinions§ Oil & Gas Valuation Curves

§ Economic Evaluation of Project Options

§ Capital Efficiency Studies*§ Risk Assessments*§ Decision Analysis*§ Independent Valuation Reports§ Capital Gains Tax Certificates§ Oil & Gas Valuation Curves

§ Full Economic Evaluations§ Tax Structure Advice§ Corporate Finance*§ Risk Assessments*§ Maximisation of Capital Return*§ Business Case Robustness *

Reviews§ Oil & Gas Valuation Curves

§ Quality of Capital Investment Reviews

§ Risk Return Analysis§ Tax Structure Advice§ Corporate Finance*§ Risk Assessments*§ Maximisation of Capital Return*§ Business Case Robustness *

Reviews

FUNDING OPTIONS

§ Access to Capital through Debt *and Equity

§ Commodity Backed Finance*§ Private Equity Markets Advice*

Level Of Confidence

* IN CONJUNCTION WITH GLOBAL DELOITTE ADVISORY SERVICES

Fill the gaps, find the value...

Pro

ject

Valu

e

INDEPENDENT MINERAL ASSET VALUATION

Valuation for:-§ Financing Purposes§ M&A / Sale of Mineral Property§ Insurance Purposes § Statutory Filing and Reporting

§ Pit Optimisation§ Reserve Estimation§ Preliminary Economic

Assessments§ Preliminary Feasibility Studies§ Feasibility Gap Analysis§ Database Verification§ Technical Environmental, Health,

Safety and Community Scoping and Feasibility Studies

§ NI 51-101 Oil and Gas Reports

§ Definitive Feasibility Study Management and Review

§ Mass Balances§ Cut-Off and Pay Limit

Calculations§ Metallurgical Studies and

Statements§ Technical Environmental, Health,

Safety and Community Feasibility Studies

§ NI 51-101 Oil and Gas Reports

§ Macro Analysis of Commodities, Markets and Trends

§ Cost Analysis§ Support Structure Assessment§ Technical Environmental, Health,

and Safety Compliance Audits§ Equator Principle Reviews§ NI 51-101 Oil and Gas Reports

§ Feasibility Studies and Technical and Financial Due Diligence

§ Purchase Price Allocations (in conjunction with Corporate Finance)

Valuation for:-§ Financing Purposes§ M&A / Sale of Mineral Property§ Insurance Purposes§ Statutory Filing and Reporting

§ Feasibility Studies and Technical and Financial Due Diligences

§ Purchase Price Allocations (in conjunction with Corporate Finance)

Valuations for:-§ Financing Purposes§ M&A / Sale of Mineral Property§ Insurance Purposes§ Statutory Filing and Reporting

§ Fair Value Impairment Testing

Valuations for:-§ Financing Purposes§ M&A / Sale of Mineral Property§ Insurance Purposes§ Statutory Filing and Reporting

§ Mergers and Acquisitions*§ Deal Structure Assessments§ Independent Techno-Economic

Due Diligences

§ Mergers and Acquisitions§ Deal Structure Assessments§ Independent Techno-Economic

Due Diligences

§ Mergers and Acquisitions§ Deal Structure Assessments§ Independent Techno-Economic

Due Diligences

§ Access to Capital through Debt *and Equity

§ Commodity Backed Finance*§ Private Equity Markets Advice*

§ Access to Capital through Debt *and Equity

§ Commodity Backed Finance*§ Private Equity Markets Advice*

§ Access to Capital through Debt *and Equity

§ Commodity Backed Finance*§ Private Equity Markets Advice*

ytilibisaeF

uctd ioo nrP

“Venmyn Deloitte’s Compliance Puzzle, Valuation and Transaction

Curves, and our Proprietary Compliance Checklists, place us at the

forefront of reporting,” says Andy Clay, Managing Director.

The Venmyn Deloitte Value Linked Approach

The Venmyn Deloitte approach has been to create, over more than

two decades, a flexible and comprehensive techno-economic

evaluation service offering to mineral resource companies or mineral

projects investors that encompasses the entire mineral project life

cycle, from early stage exploration, concept study, through feasibility

study to production and beyond. Venmyn Deloitte has particularly

focused on preparation of independent technical, due diligence and

valuation reports required for public domain presentation and

compliance, with global securities commissions, ore lenders and

financial institutions’ requirements.

World Class Advisors and Associates

Venmyn Deloitte specialist advisors are experienced in all aspects of

the minerals industry and provide expertise, including accounting and

financial advisory skills, mineral asset valuation, mining engineering,

geology, geostatistics, metallurgy and process engineering, plant

evaluation, compliance and environmental science expertise.

Financial Services

§ Mineral Asset Valuation

§ Impairment Reviews

§ IMVAL Code Compliance

§ Independent Transacting Valuations

§ Valuation Curves

§ Fairness Opinions

stnemetatS lacin

hc

eT

stne

met at S l ai cnani F

En

viro

nm

ental

Statements

Metallurgical Yield S

tatem

en

ts

Compliance Principles

ing §it d Mu inA e§ r ag l n Ait sn su eo t c Vc aA lu§ at tn ioe n

m §ri Cap rirm sI c§ o e §c Nna Il 5a 1-B 1s 0s 1a §M P§ RL MA SV § MI

Venmyn Deloitte Reports

§ Independent Technical Reports

§ Independent Valuation Reports

§ Techno-Economic Valuation Reports in the form of Competent

Person’s Reports

§ Prospectivity Reports

§ Commodity Reviews

§ Proprietary Specialist Mineral Asset Valuation Curves

§ Transaction Reports

§ Fairness Opinions

§ Information Memoranda/Technical Statements

§ Annual Reports

§ Corporate Presentations

§ Deal Structuring and Strategic Advice with Respect to any

Mineral Asset

§ Environmental Compliance / Provisionary Reports

§ Metallurgical Review Reports

Venmyn Deloitte has always been at the forefront of innovative reporting

standards that improve the quality and user-friendliness of resource

company information. The fully compliant “Condensed CPR” and graphic

Independent Technical Statements are both Venmyn Deloitte initiatives

that are used in listings documentation, investor information packages, as

well as reference material for due diligences, transactions, impairment

testing and market capitalisation. The quality of the Venmyn Deloitte

diagrams is considered a hallmark of its documents.

Technical / Scientific Services

§ Independent Technical Reporting

§ Mineral Resource Reporting

§ Compliance with International Codes

§ Sample Trail Audit

§ Technical Trail Audit

§ Ore Body Optimisation

§ Deep Level Mining Advice

§ Underground Support Structure Assessment

§ Technical Diagrams

§ Metallurgical Statements

§ 3D Geological Modelling

Mozambique Channel

Z

A

MB

EZ

IM

OB

IL

EB

EL

T

OZ

AM

BQ

UE

MO

BI

LE

B

E

LT

I

Mozambique

Zambia

Malawi

Zimbabwe

Botswana

Cabora Bassa Dam

La

ke M

ala

wi

12

°S

16

°S

24

°S

20

°S

Mozambique

OZ

AM

BQ

UE

MO

BI

LE

B

E

LT

I

Z

A

MB

EZ

IM

OB

IL

EB

EL

T

Coal Mine

Coal Deposit

Coal Project

ZAMB

EZI

MO

BIL

E

BE

LT

Mozambique

smargaiD lacinhceT

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee, and its network of member

firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of

Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries. With a globally

connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the

insights they need to address their most complex business challenges. Deloitte has in the region of 200 000 professionals, all committed to becoming

the standard of excellence.

© 2015 Deloitte & Touche. All rights reserved. Member of Deloitte Touche Tohmatsu Limited

www.venmyndeloitte.com

Tel: +27 11 517 4205

Private Bag X6, Gallo Manor, 2052, South Africa

Deloitte Place, The Woodlands, Building 33, 20 Woodlands Drive,

Woodmead, Sandton, South Africa

Venmyn Deloitte Service Offering

Independent techno-economic assurance services to the minerals sectors

Scan QR code with your mobile device for direct contact interaction

Android Apple

Business Focus Areas

AuditServices

ExplorationServices

Information& TechnicalStatements

Country-levelStrategic

Documentation

Statutory &RegulatoryServices

ProjectPhase Studies

MiningServices

Mineral Asset

Valuations

GeologicalModelling

or Checking

DGWLE EO TN O A KD DDN A V AS LL ULI EK S T OE CG LA IR EE NV TE SL

§ Mineral Asset Valuation Reviews

§ Capital gains Valuations

§ Fairness Opinions§ Commodity Valuation

Curves§ Purchase Price Allocations

§ Mining Optimisation

§ Life of Mine Reviews§ Mine Design &

Scheduling§ Mineral Reserve

Estimation & Reviews

§ Fair Value§ Impairment Testing§ Technical Reviews &

Cost Reviews§ Fatal Flaws Analysis§ Project Evaluations§ Stockpile Surveys &

Assessments§ Asset Retirement

Obligation & Review

§ Feasibility Studies§ Pre-Feasibility Studies

§ Scoping / Concept Studies§ Definitive Feasibility

Studies§ Life of Mine Reviews

§ Preliminary Economic Assessments

§ Exploration Protocols§ Exploration Planning

§ Exploration Project Reviews§ Drill Density Determination

(Borehole Density inVariance Terms)

§ Mineral Resource Estimation & Reviews

§ 3D Geological Modelling§ Sample Trail Audit Process§ Independent Resource

Declarations§ Stockpile Surveys and

Measurements

§ Investor Communication Documents

§ Executive Summaries

§ Annual Reporting

§ Country Mineral Reviews§ Market & Commodity

Reviews§ Prospectivity Reviews

§ Independent Competent

Persons Report§ Technical & Economic

Due Diligences§ Independent Technical Reports (NI43-101)

§ Oil & Gas Reports (NI51-101)

Sustainability

§ IFC Performance Standard Assessments

§ Equator Principles Assessments§ Environmental Due Diligence§ Environmental Liability

Reviews