2000-2022()S 2023 09 19 12-0.1378-0.04200.05390.14970.24550.3413 300 300 1M 3M 12M 10.1%11.7%23.3%300-1.7%-5.4%-5.3%XVAZwPmRmPnMsMpMqNsNoP8ObP6MpNmMmOtQjMpPwPiNmOqQbRoPrQNZtRyRwMpOrM3 5 2000-2001 2001 11 2002-2008 2002-2008 2006 2002-2008 08 2009-2015 2009 2016-2018 2016-2018 2019-2022 2019 2020 2021 2022 2018 2022 2020 2022 72%2010 40.51.2000-2001.71.1.82.2002-2008.92.1 2002-2003.112.2 2004.122.3 2005.132.4 2006-2007.142.5 2008.153.2009-2015.163.1 2009-2011.183.2 2012-2015+FED.194.2016-2018.224.1 2016-2017.244.2 2018.265.2019-2022.285.1 2019.305.2 2020 V.325.3 2021-2022+.346.376.1.386.2.396.3.406.4.416.5.427.447.1.457.2.467.3.478.489.5150.6 1 2000-2023 9 16 0.2000-2022 2000 5 05001,0001,5002,0002,5002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023/Wind 71.2000-20018 2 2000-2001 2000-2001 2000.01-2001.02 2001 1 639.5/2001.03-2001.12 11 1.1 3 1999-2001 Wind iFinD Forbes Advisor 1999 19 pgm 70%pgm 2001 pgmFed+9 11+16%01 1 3 6%1.75%4004505005506006507002000-01 2000-04 2000-07 2000-10 2001-01 2001-04 2001-07 2001-10/2001.03-2001.11 6%46%11%33%3%7%29%11%50%3%0200400600800100012001400 1999 2000 200192.2002-2008 10 4 2002-2008 2002-2008 2002-2008 2006 2002-2008 2.Wind iFinD NORTHAM IOL Stockpiling of Non-energy Raw Materials Risk&Policy Analysts Limited 2012 Forbes Advisor FANEWS 2002 Marikana SARS 1.4 1050oz NYMEX TOCOM 5 6 1 ETFS ETFZKB ETF 25 Amandelbult 3000 400600800100012001400160018002000220024002002-01 2002-07 2003-01 2003-07 2004-01 2004-07 2005-01 2005-07 2006-01 2006-07 2007-01 2007-07 2008-01 2008-07/2002 35 oz 32 oz+57 oz+11 5 2002-2003 2002 10%2002 7%40%2002 28%35%2002 9%13.9%2002 Q1 2002 4 6 2003 26.3%2002 2003 3 DOC/DPF 2003 2.1 2002-2003 6 2002-2008 3%2002 2003 2004 2005 2006 2007 200801-5.35 5.63 3.00 1.43 2.36 1.9902-5.34 4.62 3.62 1.87 1.85 1.9303-11.03 4.71 3.37 2.00 2.60 1.6904 7.42 9.31 5.18 3.71 2.63 2.61 2.4005 3.59 16.28 4.82 3.84 2.99 2.86 3.6806 5.84 8.12 3.61 4.02 2.73 1.11-0.4207 5.82 7.36 4.70 3.20 2.97 1.11 1.1908 5.82 6.39 4.80 2.87 1.90 1.37 1.1109 5.81 7.66 4.52 1.94 2.57 0.98 2.3510 5.72 7.67 2.12 2.01 3.37 0.64 1.3311 5.44 4.67 2.36 1.87 5.62 0.88-1.0312 5.38 6.15 2.51 1.66 4.86 0.45-1.83 Wind iFinD FANEWS 01 1 3 6%1.75%2002 Marikana SARS 1.4 4004505005506006507007508008509002001-11 2002-05 2002-11 2003-05 2003-11/2002 35 oz 32 oz+57 oz+12 7 2004-2005 2004 2-3 4 2003 2004 4 15.8%LCD CRT 8 2000-2004 Northam Northam 1050oz 700750800850900950100010502004-01 2004-07 2005-01 2005-07/2.2 2004 Wind iFinD NORTHAM 107.7116.2126.2 131.3142.0 145.031.236.927.829.824.025.2 13.315.016.018.319.636.053.671.4 73.492.7 98.9107.631.631.0 28.525.830.241.5 80.273.4 79.971.261.255.7-11.1-10.5-14.2-9.4-1.4-1.6-240-180-120-600601201802402000 2001 2002 2003 2004 2005 13 9 2005 2005 2004 2005 NYMEX 10 2005-2006 2.3 2005 iFinD 200030004000500060007000800090001000084086088090092094096098010001 2 3 4 5 6 7 8 9 10 11 12&/NYMEX(4004505005506006507008408909409901040109011401190124012902005-01 2005-04 2005-07 2005-10 2006-01 2006-04 2006-07 2006-10/14 11 2006-2007 2006 2006 2006 1 2006 2005 2007+ETF 2.4 2006-2007 12 2006-2008 Wind iFinD IOL Stockpiling of Non-energy Raw Materials Forbes Advisor FANEWS NYMEX TOCOM 5 6 1 ETFS ETFZKB ETF 25 Amandelbult 3000 600800100012001400160018002000220024002006-01 2006-07 2007-01 2007-07 2008-01 2008-07/145.0 150.1143.712825.226.125.92336.040.145.152107.6 110.7117.510441.5 45.144.84155.7 46.541.239-1.610.1-2.3-6-240-180-120-600601201802402005 2006 2007 2008 15 15 2008 16 2000-2008 17 2008 Q1 13 2000-2010 14 2.5 2008 2008 2200/6 4050607080901001101201302000 2002 2004 2006 2008 2010 R=0.0188R=0.6734R=0.6394R=0.0233 R=0.6622R=0.5781R=0.906R=0.9044400600800100012001400160018002000220070 80 90 100 110 120 130/2001 2002 2003 2004 2005 2006 2007 200840455055606570758085901 2 3 4 5 6 7 8 9 10 11 12 2006 2007 2008 Wind iFinD 20002001200220032004200520062007200820092010y=2E-06x-45.796R=0.4405506070809010011012013050 60 70 80 200040006000800010000120001400080010001200140016001800200022001 2 3 4 5 6 7 8 9 10 11 12&/NYMEX(163.2009-201517 18 2009-2015 3.Wind iFinD INVESTORS WIKI the WHITE HOUSE BARRICK 2009-2015 2009 14%FedQE1 IMF 200 Fed QE1 NERSA 24.8%25.8%25.9%1 Fed QE2Fed 2011 6 6000 Fed 1 1.72 1300 2012Q1 8%5 11%6 Fed QE3 6”4 Absa 4 ETF6 8 Fed 12 5 Bimhab 7 10 2015 9 2.0 8001000120014001600180020002009-01 2009-07 2010-01 2010-07 2011-01 2011-07 2012-01 2012-07 2013-01 2013-07 2014-01 2014-07 2015-01 2015-07/2010 3-5 9-11 SMMT Weekly 18 19 2009.01-2011.07 3.1 2009-2011 2009-2015 2009.01-2011.07 2009 LCD CRT 2008 21 1975 2010 2011 7 Lonmin 14%FedQE1 IMF 200 Fed QE1 NERSA 24.8%25.8%25.9%1 Fed QE2Fed 2011 6 6000 8001000120014001600180020002009-01 2009-07 2010-01 2010-07 2011-01 2011-07/2010 3-5 9-11 Wind iFinD INVESTORS WIKI the WHITE HOUSE BARRICK19 20 2011.08-2015.12 3.2 2012-2015+FED 2009-2015 2011.08-2015.12 2011 2011 9 FED 2012 N PGM Wind iFinD SMMT Weekly Fed 1 1.72 1300 2012Q1 8%5 11%6 Fed QE3 6”4 Absa 4 ETF6 8 Fed 12 5 Bimhab 7 10 2015 9 2.0 8001000120014001600180020002011-08 2012-02 2012-08 2013-02 2013-08 2014-02 2014-08 2015-02 2015-08/20 21 2013-2015 22 2013-2015 3.2 2012-2015+FED 2009-2015 2013-2015 2013-2015 iFinD 9095100105110115120 8009001000110012001300140015001600170018002013-01 2013-06 2013-11 2014-04 2014-09 2015-02 2015-07 2015-12&/)100001500020000250003000035000400004500050000800900100011001200130014001500160017002013-01 2013-07 2014-01 2014-07 2015-01 2015-07&/NYMEX(21 25 2013-2014 2010-2011 26 23 2008-2015 24 2009-2015 3.2 2012-2015+FED 2009-2015 2013+2013 Zondereinde 4 Q3 8 10 2014 5 2015 2015 9 6b 2014 9 2013-2015 6b 13%8101214161820221 2 3 4 5 6 7 8 9 10 11 12 x 100002009 2010 2011 20122013 2014 2015 WIND iFinD 80010001200140016001800-30207012017022027008-12 09-07 10-02 10-09 11-04 11-11 12-06 13-01 13-08 14-03 14-10 15-05(/R=0.7527R=0.1393R=0.3191R=0.8344R=0.0126R=0.9071R=0.43989001100130015001700190070 75 80 85 90 95 100 105/2009 2010 2011 2012 2013 2014 2015128 131 131 138117 11910113023 22 232423 21201952 405258585757501046287 90 9080 82 89412741473234 3838396448 4754625962-618-113-5-16-21-11-240-180-120-600601201802402008 2009 2010 2011 2012 2013 2014 2015 224.2016-2018 23 27 2016-2018 2016-2018 2016-2018+4.WIND iFinD Business&Human Rights Resource Centre GlobeNewswire FX168 Reuters 14 Maseve 2016 4 11 11 52%8 18-Sibanye 22 Stillwater 2 NYMEX CME Fed 25 bp3 10.3%2017 4 15%Sibanye Stillwater Atlatsa Resources Bokoni Fed 25 bp Nymex 2022 NYMEX 6 19 Fed 25 bp 600 2030 50%70080090010001100120013002016-01 2016-07 2017-01 2017-07 2018-01 2018-07/2018.03-08 Metals Focus Forbes Advisor Anglo American European Parliament Market insider African eye report BBC 24 28 2016 2016-2018 2016 9%2%+14-15 4%2016 7%5%22%2015 2016 K 4.1 2016-2017 WIND iFinD Forbes Advisor Business&Human Rights Resource Centre Impala 14 Maseve 2016 4 11 11 52%8 18-Sibanye 22 Stillwater70080090010001100120013002016-01 2016-02 2016-03 2016-04 2016-05 2016-06 2016-07 2016-08 2016-09 2016-10 2016-11 2016-12/25 29 2017 2016-2018 2017 K 2017 9 1 6d-TEMP 2019 9(SCR)(NOx)NOx(LNTs)4.1 2016-2017 WIND iFinD Metals Focus Forbes Advisor Reuters Anglo American European Parliament Market insider African eye report 30 2016-2018-40%-30%-20%-10%0%10%20%30%2016-01 2016-07 2017-01 2017-07 2018-01 2018-07 yoy yoy 2 NYMEX CME Fed 25 bp3 10.3%2017 4 15%Sibanye Stillwater Atlatsa Resources Bokoni Fed 25 bp 8508708909109309509709901010103010502017-01 2017-02 2017-03 2017-04 2017-05 2017-06 2017-07 2017-08 2017-09 2017-10 2017-11 2017-12/26 33 2016-2018 2016-2018 2018 2018 10 2018 FED ETF ETF K 4.2 2018 32 2008 2018 60006500700075008000850090009500100002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 WIND iFinD BBC 31 2018 Nymex 2022 NYMEX 6 19 Fed 25 bp 600 2030 50%750800850900950100010502018-01 2018-02 2018-03 2018-04 2018-05 2018-06 2018-07 2018-08 2018-09 2018-10 2018-11 2018-12/2018.03-08-150000-100000-50000050000100000150000200000250000300000-20000-100000100002000030000400005000060000700008000016-01 16-04 16-07 16-10 17-01 17-04 17-07 17-10 18-01 18-04 18-07 18-10 27 36 2014-2017 EU-15 37 2018 34 2016-2018 35 2016-2018 4.2 2018 2016-2018 2017-2018 27%/60%2017-2018 2025 53.6%52.1%49.9%44.8%42.3%43.5%45.8%49.4%4.1%4.5%4.3%5.8%0%20%40%60%80%100%2014 2015 2016 2017 1100115012001250130013501400700800900100011001200130016-01 16-04 16-07 16-10 17-01 17-04 17-07 17-10 18-01 18-04 18-07/101130 125 126 127201920 20 195750 54 58 5982 89 90 87 8038 3839 41 578078 6868 64-21-11-6610-240-180-120-600601201802402014 2015 2016 2017 2018 WIND iFinD ACEA 75080085090095010001050110011501200-100-5005010015020025030016-01 16-04 16-07 16-10 17-01 17-04 17-07 17-10 18-01 18-04 18-07(/285.2019-2022 29 38 2019-2022 2019-2022 5.Wind iFinD Metals Focus Forbes Advisor BBC 21 S&P Global WPIC Fed1 1800 Sibanye-AMCU 17000 AMCU 48%7-5pct 35 5.4%3 10-459 ISM 47.8 2010 6d-TEMP 6d ACP 22%3 55.7 MLF 2.95%45%Lac des Iles 37.5 ACP 7 28.5%NYMEX ACP B 90%1.9%1 NYMEX 80%PXZimplats Ngwarati 21 15-20%1.6%Stellantis NYMEX Wesizwe Bakubung 5 27.9 6 2022 670 7”9 2023 2024 7055065075085095010501150125013502019-01 2019-05 2019-09 2020-01 2020-05 2020-09 2021-01 2021-05 2021-09 2022-01 2022-05 2022-09/Reuters Market Screener 30 39 2019 2019-2022 2019 29%2019 970 16 5.1 2019 Wind iFinD Metals Focus Forbes Advisor BBC 21 S&P Global Fed1 1800 Sibanye-AMCU 17000 AMCU 48%7-5pctFed 25 bp 35 5.4%3 10-45 Fed 25 bp9 ISM 47.8 2010 Fed 25 bp 70075080085090095010002019-01 2019-03 2019-05 2019-07 2019-09 2019-11/31 42 43 40 2019 41 5.1 2019 2019-2022 2019 1-2 3 4 2022242628303214-03 15-03 16-03 17-03 18-03 19-03 20-03%44 12001300140015001600170018006006507007508008509009501,0001,05018-10 18-12 19-02 19-04 19-06 19-08 19-10 19-12 20-02/1 2 3 4y=0.0408x+57.234R=0.747y=0.0339x-1.3542R=0.0659y=0.1017x-165.82R=0.5247y=0.1261x-99.415R=0.4265-8020120220320-1000 0 1000 2000 3000 4000nymex comex 1 2 3 4 WIND Metals Focus 70075080085090095010001050-5005010015020025030035019-01 19-03 19-05 19-07 19-09 19-11 20-01(/32 45 2020 2019-2022 2020 2020 17.8%2020H2 i.ii.5.2 2020 V Wind iFinD Metals Focus Forbes Advisor WPIC Reuters 6d-TEMP 6dFed 50bp ACP 22%Fed 100bp 3 55.7 MLF 2.95%45%Lac des Iles 37.5 ACP 7 28.5%NYMEX ACP B 90%1.9%55065075085095010502020-01 2020-02 2020-03 2020-04 2020-05 2020-06 2020-07 2020-08 2020-09 2020-10 2020-11 2020-12/33 49 2020.03-2020.10NYMEX WIND 2019-2022 2020.03-2020.10 NYMEX 2020.11-2021.12 11 APC 12 2020 11-2021 4 2020 2020 3 48 2020 WIND 46 WIND 47 2020.03-2020.10 WIND 0.00.51.01.52.02.53.01 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 202200.050.10.150.20.250.3 120013001400150016001700180019002000210022006007008009001000110012001300140020-03 20-07 20-11 21-03 21-07 21-11 22-03 22-07/WIND 5.2 2020 V7008009001000110012001300-100-5005010015020025020-03 20-06 20-09 20-12 21-03 21-06 21-09 21-12 22-03 22-06 22-09 22-12(/34 50 2021-2022 2019-2022 2021.01-2021.02 APC2 19 1294/2021.03 1200/Wind iFinD Metals Focus Forbes Advisor S&P Global MarketScreener WPIC 5.3 2021-2022+1 NYMEX 80%PX Zimplats Ngwarati 21 15-20%1.6%Stellantis NYMEX Wesizwe Bakubung 5 27.9 6 2022 670 7”9 2023 2024 70 800900100011001200130014002021-01 2021-03 2021-05 2021-07 2021-09 2021-11 2022-01 2022-03 2022-05 2022-07 2022-09 2022-11/35 2019-2022 2021.05-2022.09 5.3 2021-2022+51 2021-2022 Wind iFinD Metals Focus Forbes Advisor S&P Global MarketScreener WPIC 1 NYMEX 80%PX Zimplats Ngwarati 21 15-20%1.6%Stellantis NYMEX Wesizwe Bakubung 5 27.9 6 2022 670 7”9 2023 2024 70 800900100011001200130014002021-01 2021-03 2021-05 2021-07 2021-09 2021-11 2022-01 2022-03 2022-05 2022-07 2022-09 2022-11/36 55 2021-2022 2019-2022 2021.05-2022.09 2021 5 2021.10 2022.02 4 2022.05-2022.09 2022.09-2022.12 54 52 2020 53 0204060801001201401 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 202255.6%36.4%36.7%16.4%12.1%9.4%22.6%0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 BEV PHEV HEV 0.00.40.81.21.62.01 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 20225.3 2021-2022+Wind ACEA 0.00.51.01.52.02.53.03.5-1.5-1.0-0.50.00.51.01.52.018-01 18-07 19-01 19-07 20-01 20-07 21-01 21-07 22-01 22-07%10 TIPS 10 376.38 59 60 56 70%57 6.1 58 y=0.998x-1.8423R=0.9827-150-100-50050100150-200-100 0 100 200-1976-2000 2001-2010 20110%20%40%60%80%100%2005200620072008200920102011201220132014201520162017201820192020202120222023 2022 72%2011 y=0.0548x-2.275R=0.0471-60-40-20020406080-150-100-50 0 50 100 150-1976-2000 2001-2010 2011y=0.417x-1.887R=0.7138y=0.5856x+1.5723R=0.8287-40-30-20-100102030-60-40-20 0 20 40 60&y=0.131x-18.624R=0.9643y=0.0249x+161.18R=0.132301002003000 500 1000 1500 2000 1991-2010 2011-2022 iFinD 39 61 6.2 62&2024 2027 Bloomberg-300-200-10001002003000500010000150002000025000300002004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(,2y R=0.0051R=0.0134-300-200-10001002003000 5,000 10,000 15,000 20,000 25,000 30,000 Capex,2y,3y 40 65 66 63 64 6.3 2000-2022 0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%0%10%20%30%40%50%60%70%80%90%100%1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 0%20%40%60%80%100%1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 25 1998-2022 Wind iFinD 0.00%0.20%0.40%0.60%0.80%1.00%1.20%2000-2022416.4 67 1995 2014 20072013 iFinD 1991 36.0 3.0 2.5-3.0-1.5 21.5 10.5-1.0 2.01992-23.0-1.5-2.5-1.0-4.0-16.0 4.0-3.0 1.01993 25.5 13.5-3.5 0.0 0.0 5.0 10.5-1.5 1.51994 52.0 18.5 1.0 2.0 8.0 9.0 12.5-1.5 2.51995 21.0-2.0 2.5 5.5 6.5-5.0 7.0-3.0 3.51996 28.0 3.0 1.5 3.5 3.0-10.5 18.0-6.5 3.01997 19.0-5.0 0.5 3.0 1.0 0.0 17.0-1.5 4.01998 27.5-3.0 4.5-0.5-4.5 7.5 27.0-4.5 1.01999 23.5-19.0 4.0 7.0-2.0-13.5 45.0-1.0 3.02000 14.0 28.0-2.5 8.5 5.5-24.0-5.0-0.5 4.02001 61.0 63.0-0.5-7.0 3.5 15.0-24.0-2.0 9.02002 27.5 7.0 3.5-7.0-5.5-1.0 23.0-0.0 7.52003 14.0 68.0-0.5-5.5-2.5-6.5-31.0-1.0-7.02004 5.5 22.0 0.5 4.0 8.0 3.0-35.0-3.0 0.02005 73.5 30.5 0.0 6.0 7.0-3.0 30.5 25.0 2.0-24.52006-7.5 11.0 7.0 0.0 4.5-5.5-27.0 0.0 1.0 1.52007 38.0 24.0 2.5-10.5 6.5 21.0-8.5-2.0 2.5 2.52008-28.0-49.0-2.0-2.5-15.5 38.5-5.0 1.5 3.5 2.52009-119.5-147.0-11.0-4.0-30.5 10.5 75.0 0.5-3.0-10.02010 111.0 89.0 15.0 4.0 37.5-0.5-39.0-2.0-4.0 11.02011 19.0 11.0 3.0 0.0 13.0-19.5 5.5 0.0 4.0 2.02012-19.3-2.7-1.8-5.4-36.2-1.0 30.8-0.7-9.8 7.52013 51.7-33.1 7.0 4.3-5.1 42.1 20.1-0.6 3.4-0.72014-48.0 6.1 5.4 0.5 4.1-59.4-14.5-0.3 2.6 5.02015 35.1 24.6-7.4 0.3 8.4 17.4-9.3 1.3-3.2 2.62016-4.1 3.1-2.5 0.0 2.0 16.9-33.3 0.0 4.6 3.42017-27.1-10.4-2.4-0.3 6.7-25.9-2.8 1.1 4.2 3.22018-11.0-24.6 20.1 0.4 18.7-29.4-12.7 0.3 15.2 0.12019 52.1-22.6 1.1-1.3-3.3 106.4-18.5 1.3-11.8 1.12020-124.1-56.5-5.0 1.1 3.9-10.9-41.6-3.6 2.5-12.52021-37.0 38.1 6.2 3.3 40.1-105.0-18.9 0.6-7.1 2.72022-52.0 35.7 2.2-2.4-31.4-53.7-12.4 2.9 1.4 3.942 71 2011-2022 72 68 69 2011-2022 6.5 2011-2022 70-60%-40%-20%0%20%40%60%-20%-10%0%10%20%30%&2000-2010 2011-2022-60%-40%-20%0%20%40%60%-30%-20%-10%0%10%20%&2000-2010 2011-2022-60%-40%-20%0%20%40%60%80%-40%-20%0%20%40%&2000-2010 2011-2022-40%-20%0%20%40%60%-40%-30%-20%-10%0%10%20%30%&2000-2010 2011-2022-100%-50%0%50%100%150%-20%0%