OTJIKOTO MINE, NAMIBIA REALIZING FUEL AND CARBON SAVINGS WITH

AN AUTONOMOUS HYBRID SOLUTION 1

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7 MWdc Installed capacity

20 Hectare Solar Farm Area

62,400 x CAT Thin-film Panels

7 x 1MW Transformers

260 SMA String Inverters

105k Injury-free hours worked during construction

42.3 Million kWh’s generated since commissioning (41.9 Million

kWh’s projected)

Consumption of HFO reduced by 9,1 Million liters

YTD June 2021

Actual performance exceeds feasibility

study projections

OTJIKOTO SOLAR PLANT

POST-CONSTRUCTION INFORMATION

3OTJIKOTO SOLAR PLANT

GLOBAL, AFRICA AND NAMIBIAN IRRADIANCE LEVELS

Namibia ranks as one of the best locations globally to generate solar energy.

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The graph above indicates the maximum irradiance levels in W/m2 measured per month over a 5 year period at the Otjikoto Mine. The trendline indicates an

average irradiance of +/- 1,000 W/m2 which translates to an annual index of 2,591 kW/m2 per annum (assuming an average 7.31 hours sunlight per day). Actual

irradiance data logged at the Solar Plant compare well to the overall recorded numbers in Northern Namibia (see map on previous page).

OTJIKOTO SOLAR PLANT

HISTORICAL IRRADIANCE FIGURES – PAST 5 YEARS

-

200

400

600

800

1 000

1 200

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Max W/m2 Linear (Max W/m2)

5OTJIKOTO SOLAR PLANT

CUMULATIVE HFO CONSUMPTION – PROJECTED VS ACTUAL

-

50,0

100,0

150,0

200,0

20182019

20202021

20222023

20242025

2026

19,2 38,0 57,5 76,5

21,6 42,4 63,2 84,1 104,9

125,8 146,7

167,6 188,5

Cumulative HFO Consumption in Millions of liters: Phase 1 - Solar + HFO:

2018 – 2020 Actual; 2021 Forecast: 76.5M litres vs Feasibility of 84.1M litres

Phase 1: Cumulative Consumption HFO + Solar Plant (Millions of HFO litres) 2018 - 2020 Actual; 2021 Forecast

Phase 1: Cumulative Consumption HFO + Solar Plant (Millions of HFO litres) Per Feasibility

As of end June 2021:

• 42.3 Million kWh’s

generated post

commissioning vs 41.9

Million kWh’s projected.

• Consumption of HFO

reduced by 9.1 Million

litres post commissioning

– in line with projections.

• 13% overall reduction in

fuel consumption since

commissioning – in line

with projections.

6OTJIKOTO SOLAR PLANT

CUMULATIVE SAVINGS EXPECTED FROM THE OTJIKOTO SOLAR PLANT - MUSD

2018 2019 2020 2021 2022 2023 2024 2025 2026

-

50,0

100,0

150,0

200,0

250,0

19,2

39,1

59,8

81,4

103,8

127,0

151,2

176,2

202,3

17,6

35,5

54,1

73,4

93,5

114,4

136,0

158,6

182,0

1,64 3,77 5,43 7,28 10,3 12,7 15,1 17,7

20,3

Year

Savi

ngs

in U

SD M

illio

ns

Cumulative Operating Costs - HFO Plant and HFO + Solar per Feasibility vs Actual Performance

Cumulative HFO Plant Operating Cost - Feasibility Cumulative Solar Hybrid Operating Cost - Feasibility Cumulate Actual Saving due to Solar Energy - Actual (2021 Forecast)

Payback to be achieved Q1 2022, in line with Feasibility (4.3 Years)

7THE GRID CONNECTION OPTION

Eldorado Substation: 220Kv –

66kV step down

20km 66kV Overhead Line

B2Gold Substation: 66Kv – 6.6kV

step down

Metering Station

NamPower Project Background

• Construction of a 21-kilometer overhead powerline to link the

Otjikoto Mine to the Nampower Grid

• 13M USD Capital investment

• Reduction in running hours on HFO Gensets, resulting in:

• Reduced carbon emissions

• Significantly reduced HFO consumption

The NamPower Grid Link Project is on schedule to be fully

commissioned and online by August 2022.

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Golden Opportunities to make a real difference

and leave a Lasting Legacy

9OTJIKOTO SOLAR PLANT

THE FUTURE – ENERGY STORAGE SOLUTION

GREATER WATERBERG PARTNERSHIP PARK

Creation of a 400 000 Ha Park

in partnership with farmers,

local communities and the

government.

Proposal under consideration –

to include the Otjikoto Nature

Reserve into the GWPP and

generate continuous income

for ongoing CSI activities from

the sale of PV power to the

local grid

Comprehensive Master Plan

completed 2018

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