An African Gold Mining and Exploration Company – February 2015

Metallon Corporation

2

Disclaimer

DisclaimerThis presentation has been created to provide general information, solely for the reader’s general knowledge, about Metallon Corporation (“Metallon”), its subsidiaries,properties and activities, as well as the countries it operates in.Although Metallon believes that the information included in this presentation is accurate and current, such information is not intended to be a comprehensive reviewof all matters and developments concerning Metallon and Metallon does not warrant or make any representations or claims as to the authenticity, validity, accuracy,completeness or currency of the information provided in this presentation.Moreover, Metallon, its directors and officers assume no responsibility for the information or representations contained in this presentation and shall not be liable orresponsible for any claim or damage, direct or indirect, arising out of the interpretation, reliance upon or other use of the information provided herein.No information in this presentation constitutes a solicitation, offer or recommendation to engage in any investment activity, to effect any transactions, or to concludeany legal act of any kind whatsoever.

Forward-looking statementsCertain statements included in this presentation constitute “forward-looking statements” which, based on numerous assumptions, involve known and unknown risks,uncertainties and other factors which are beyond Metallon’s control that may affect the results, performance or achievements of Metallon.In certain cases, forward-looking information can be identified by the use of words such as "aim", "plans", "expects" or "does not expect", "is expected", "budget","scheduled", "estimates", "forecasts", "intends", "continues", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state thatcertain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" and include the negative variation of suchphrases.With respect to forward-looking information contained in this presentation, Metallon has made assumptions regarding, among other things, Metallon’s ability togenerate sufficient cash flow from operations and access to existing credit facilities and capital markets to meet its future obligations, the regulatory framework in itscountries of operation with respect to, among other things, permits, licenses, authorizations, royalties, taxes and environmental matters, and Metallon's ability toobtain qualified staff and equipment in a timely and cost-efficient manner to meet Metallon's demand.Although Metallon believes that its expectations reflected in forward-looking information are reasonable, such forward-looking information involves known andunknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Metallon or Metallon's projects in its countries ofoperations, or any of them, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.Such factors include, but are not limited to, risks related to failure to convert estimated mineral resources to reserves, conclusions of economic evaluations, changesin project parameters as plans continue to be refined, future prices of gold, unexpected increases in capital or operating costs, possible variations in mineralresources, grade or recovery rates, failure of equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry,labour risks, delays in obtaining governmental consents, permits, licences and registrations or financing or in the completion of development or construction activities,risks of title to properties, partner risks, legal and litigation risks, political risks arising from operating in Africa, risks relating to changes in governmental regulationsand in operating internationally, risks relating to the infrastructures, uncertainties relating to the availability and costs and availability of financing needed in thefuture, indebtedness risks, changes in equity markets, inflation, changes in exchange rates, exchange control and export restriction risks, fluctuations in commodityprices and uninsured risks.Although Metallon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance thatforward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Pastperformance of Metallon or its shares cannot be relied on as a guide to future performance. Accordingly, readers should not place undue reliance on forward-lookinginformation. The forward-looking information contained herein, unless stated otherwise, is made as of the date of this presentation and Metallon makes noresponsibility to update them or to revise them to reflect new events or circumstances, except as required by law.

3

A Private African Gold Mining and Exploration Company

• Five underground mines in Zimbabwe, with exploration assets in Zimbabwe, Tanzania & DRC

• Globally significant Mineral Resource of 9.7Moz of gold (JORC compliant) and exploration targets of between 4-6Moz

• Gold production of 99,000oz in 2014 and target of approx. 150,000 ounces in 2015

• Low cost producer – all-in-costs of US$946/oz in 2014 and approx. US$883/ozexpected in 2015

• Revenue of US$115m and net profit of US$10m in 2014

• Rising free cashflows - from ramp- up expansion plans to become a 500,000oz pa producer by 2019

Corporate overview

4

Operations: Zimbabwe

Operating mines

• How Mine

• Shamva Mine

• Mazowe Mine

• Arcturus Mine

Mine under development

• Redwing Mine

Development potential

• Motapa

• Midwinter

Metallon’s assets are considered to be the best gold mines in Zimbabwe – high grade, low cost operations

5

Zimbabwe – a golden opportunity

Quality operations and world class mineral resources – efficient, professionally run mines

High-grade, shallow underground gold mines – group average mined grade of 4.5g/t & reserve grade of 3.7g/t

Low cost production – all-in-costs US$946/oz in 2014

Massive upside with additional on- and near- mine mining, tailings retreatment and highly prospective exploration targets

Good infrastructure and skilled experienced labour force

On grid power – ring-fenced electricity at 12c kw/h

Supportive local communities

Security of tenure provided by the Zimbabwe Mine and Minerals Act Chapter 21.05

Indigenisation plan submitted to the Zimbabwe Government

Government understands that mining is essential to economic growth

6

Leading assets amongst our peers

High reserve grade of 3.7g/t

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Acacia Shanta Metallon Caledonia Randgold Pan African SEMAFO Mwana Golden Star Endeavour Avocet Resolute Teranga IAMGOLD Perseus Centamin DRDGold

Re

serv

e G

rad

e (

g/t

)

0

5

10

15

20

25

Pan African IAMGOLD Acacia Randgold Resolute Metallon DRDGold Avocet Centamin Golden Star Endeavour Teranga Perseus Mwana SEMAFO Shanta Caledonia

MI&

I R

eso

urc

e (

Mo

z)

World class resource of 9.7Moz

7

Lowest cost producer amongst our peers

Company Reservegrade (g/t)

2014AIC ($/oz)

2015EProd (koz)

Teranga 1.46 900 238

Metallon 3.74 946 150Shanta 4.50 960 84

SEMAFO 2.81 975 257

Randgold 3.60 1000 1084

Endeavour 2.24 1040 419

Centamin 1.11 1041 450

Pan African 3.58 1074 238

Acacia 4.74 1100 775

Sibanye 1.85 1100 1480

DRDGold 0.68 1125 155

Caledonia 3.67 1139 42

Mwana 2.67 1152 65

Resolute 1.56 1176 300

Golden Star 2.30 1185 271

IAMGOLD 1.26 1210 897

Harmony 0.83 1242 1310

Avocet 2.01 1355 129

Perseus 1.20 1469 240

One of the lowest cost African gold producers

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Steady gold production in 2014

0

200

400

600

800

1000

1200

-

2,000

4,000

6,000

8,000

10,000

12,000

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Co

st p

er

oz

(US

$)

Go

ld p

rod

uct

ion

(o

z)

Gold production per mine & cost per oz

How Arcturus Shamva Redwing Mazowe C1 cost per oz (US$) All-in-cost per oz (US$)

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Gold production

• Gold production of 150,000oz expected in 2015 – approx. 30% of Zimbabwe’s total production1

• All gold bullion produced is sold to Fidelity Printers, a subsidiary of the Zimbabwean Reserve Bank

• 100% of the spot gold price is paid on delivery, minus the 5% Government royalty

– royalty reduction from 7%, effective 1st October 2014. Added incentive for gold sector growth

Gold pour at Mazowe Mine – April 2014Note (1) As per estimates from the Zimbabwe Chamber of Mines

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Track record of delivery

Increasing Production Financial Discipline Improved Delivery

• Reopened four mines successfully

• Production increasing to 150,000 ounces in 2015

• Targeting production of 500,000 ounces by 2019

• Redwing to recommence production in 2015

• Sands treatment to commence at Mazowe in 2015

• Expansion plans being undertaken

• Low cost mining with all-in-costs of US$946/oz in 2014

• Expected all-in-costs of US$883/oz in 2015

• Major expansion plans in Zimbabwe paid for by free cash flow & bank debt

• Delivering free cash flow

• Planning to be a consistent dividend player by 2016

• Increased mineral resource from 8.6Moz to 9.7Moz in 2015

• Diversification by acquiring assets in DRC & Tanzania

• Focused exploration programme

• Looking at further M&A opportunities

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Financial summary

FINANCIALS(US$m) FY 2011 FY 2012

15 MonthsFY 2013

6 MonthsHY 2014

UnauditedFY 2014

Revenues 138.6 147.2 148.6 69.3 115.1

Operating Cost (94.1) (107.6) (123.2) (49.1) (76.7)

Operating Profit 44.5 39.5 25.4 20.1 38.4

EBITDA 31.8 21.5 10.2 13.8 26.2

Net Profit 23.7 9.0 4.0 5.1 10

Current debt position: US$19m Capital expenditure: HY 2014 US$4.5m

Treasury Bills: US$25m FY 2014 US$5.1m

Current cash position: US$5m

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Gold production and costs 2014 & 2015E

Production for 2014 (oz)

UnauditedC1 costs for

2014 (US $/oz)

Unauditedall-in-costs

for 2014(US $/oz)

Estimated Production for

2015 (oz)

Estimated C1 costs for 2015

(US $/oz)

Estimated all-in-costs

for 2015(US $/oz)

How Mine 55,008 541 562 60,850 504 679

Shamva Mine 24,037 932 940 31,796 773 933

Mazowe Mine 11,380 1,057 1,110 27,813 627 799

Arcturus Mine 8,316 1,506 1,567 19,749 901 1,059

Redwing Mine 104* n/a n/a 10,034 833 1,427

GROUP 98,845 776 946 150,242 658 883

* Sands processing discontinued at Redwing Mine

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2015 CAPEX

CAPEX spend in 2015 to achieve 150,000oz and future production growth

Capacity Ramp Up

– How Mine– Arcturus Mine– Shamva Mine

– Shamva Slimes Dam – turnkey construction

– Mazowe Mine– Mazowe Slimes Dam – turnkey construction

– Redwing Mine Restoration– Dewatering, mine & plant rehabilitation

Total US$42.88m

US$0.3mUS$2.2m

US$18.7mUS$4.5m

US$8.0mUS$4.3m

US$4.8m

How Sands Plant - turnkey project Total US$9.3m

Mazowe Sands Plant - turnkey project Total US$7.3m

Sustaining & other CAPEX Total US$18.9m

TOTAL US$78.3m

• Capital expenditure is to be funded from internal cash flows and local bank facilities

• Detailed capital expenditure at each operation is available

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Future gold production growth & costs

Targeting gold production of > 500,000oz pa by 2019

200

300

400

500

600

700

800

900

1000

-

100,000

200,000

300,000

400,000

500,000

600,000

2014 2015 2016 2017 2018 2019

Co

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(US

$)

Go

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rod

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ion

(o

z)

Estimated future gold production & costs 2014 - 2019

How Arcturus Shamva Redwing Mazowe C1 cost (US$) All-in-costs (US$)

98,845oz

150,242oz

238,857oz

473,145oz

556,0821oz

336,422oz

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Financial information modelled on expansion plans 2015 - 2019

For the year ended 31 Dec

Unaudited2014 2015E 2016E 2017E 2018E 2019E

Total gold production (oz) 98,845 150,242 238,857 336,422 473,145 556,082

Capital expenditure approx. (US$m) 5 78 82 64 42 31

Revenue (US$m) 115 178 283 399 561 659

Operating profit (US$m) 38 79 130 202 331 393

EBITDA (US$m) 26 53 101 164 282 339

Net profits (US$m) 10 22 59 109 233 277

Free cash flow (US$m) 12 (36) (6) 45 203 262

C1 cost (US$/oz) 776 658 641 584 487 479

All-in-costs (US$/oz) 946 883 794 715 600 584

• All expansion plans and CAPEX requirements still require detailed feasibility studies

• Most capital expenditure will be funded by operating profit. 2015 – 2019 total capital expenditure is US$297m

• The gold price used in forward-looking assumptions is US$1,200/oz

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Planned expansion 2015 – 2019 New projects & CAPEX at each mine

Note: All expansion plans and CAPEX requirements still require detailed feasibility studies

HOW

• Increase throughput & plant expansion to treat up to 80ktpm• South shaft sinking & capital development• Potential open pit surface targets• 16NY shaft deepening

• 2015 – 2019 Total CAPEX – US$69m

SHAMVA• Upgrading shafts & plant expansion• Sands retreatment project with 80ktpm plant• Shamva Hill Open Pit

• 2015 – 2019 Total CAPEX – US$54m

MAZOWE

• Sands retreatment project with 80ktpm plant• Upgrading shafts, shaft sinking & plant expansion• Underground development & exploration activities• Doubling plant capacity by 100%

• 2015 – 2019 Total CAPEX – US$52m

REDWING• Decline mining to 6 Level• Shaft sinking & mechanised mining• Underground development & exploration activities

• 2015 – 2019 Total CAPEX – US$73m

ARCTURUS• Upgrading shafts• Underground development & exploration activities• Shaft sinking

• 2015 – 2019 Total CAPEX – US$46m

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CAPEX – sustaining, restoration & expansion

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100

200

300

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500

600

700

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10

20

30

40

50

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70

80

90

2015 2016 2017 2018 2019

Re

ven

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m)

CA

PE

X (

US

$m

)

CAPEX Sustaining, Restoration & Expansion Operations

Revenue & Operating Profit 2015 - 2019

Sustaining Restoration Expansion Other Revenue Operating Profit

$42m

$31m

$64m

$78m$82m

18

CAPEX – by mining operation

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10

20

30

40

50

60

70

80

90

2015 2016 2017 2018 2019

CA

PE

X (

US

$m

)

Capital Expenditure by Mining Operation 2015 - 2019

How Arcturus Shamva Redwing Mazowe

$78m

$82m

$64m

$42m

$31m

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World class gold resources & further potential

• Globally significant Mineral Resource of 9.7Moz of gold (JORC compliant June 2014)

• Exploration results category contains about 4-6Moz from satellite ore bodies to operating mines (SRK 2013)

• All five mines have open-ended depth and are under-explored across strike extensions

• Historic drilling records were used to compute 3.5Mt @ 2.5-3.5g/t at Redwing, at shallow depth (120m to 180m) in 2013

• Conceptual target sizes of:

− Mazowe Mine: 2.5 - 3Moz

− Redwing Mine: 5 - 8Moz

• Rich quartz veins offer exploration upside potential

• Metallon is focused on increasing production to mine these resources

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Additional gold exploration projects

• Zimbabwe – Motapa

− Brownfield project with sands & sulphide-gold resources (in-house estimate

of 2.4Moz is not included in the 9.7Moz Group Resource Statement)

− Successful ultrafine grinding metallurgical processing tested (the Albion

process)

− Contains the richer Motapa camp deposits (3-10g/t) of Club, B&S, Fossicker,

Pluvius and Jupiter

• Zimbabwe – Midwinter

− Laterite-gold deposits in meta-sediments

− Successfully re-modelled lateritic gold mineralization in 2013

− Step-out drilling east of Aurora Pit planned

• Democratic Republic of Congo

− 4 exploration properties secured in the Maniema province near Bukavu

• Tanzania

− Currently securing mineral rights located near the Lake Victoria

gold fields

Building an African footprint

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Indigenisation – working with local communities

• Indigenisation

− Indigenisation proposal submitted to the Zimbabwe Government

− Suggested structure includes 10% employee share schemes, 10% local communities, 10% Nat. Indigenisation & Empowerment Board

− Liaising further with the Zimbabwe Government and awaiting approval in 2015

• Supportive local communities

− Metallon is a good corporate citizen and is committed to maintaining its social licence to operate

− Long-established track record of social delivery to employees & local communities: education, health, housing, other services

− Platform for further, sustained socio-economic development through community trust model

22

Positioning for growth

• A golden opportunity

– 9.7Moz world class resource

– established infrastructure

– skilled labour

Expansion projects at existing operations

More investment in Zimbabwe

More jobs, revenue

Future exploration projects

Focused M&A activities

GOLD PRODUCER

+500,000oz/pa

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Appendices

24

Biographies: Board of Directors

Sir Nicholas BonsorIndependent Non-Executive Chairman

Sir Nicholas Bonsor joined Metallon as Independent Non-Executive Chairman in March 2011 and is Chairman of the Nominations Committee. He serves on the Boards of several listed companies and is currently Chairman of Tomco Energy Plc. He started his career as a barrister, practising in a Common Law Chambers from 1967 to 1975 and as a specialist in regulatory and commercial law from 2003 to 2011. He was a member of British Parliament from 1979 to 1997. He holds a MA in Jurisprudence from Oxford University.

Robert RobertsonSenior Independent Non-Executive Director

Robert Robertson joined the Board of Metallon in March 2011. He is a Senior Independent Non-Executive Director and Chairman of the Audit, SHE and Remuneration Committees. He is a Director of BlackRock Smaller Companies Trust plc and Lowland Investment Company plc. He was previously chairman of West China Cement, a Director at Avocet Mining plc and Buro Happold Engineers, and Chief Executive of Tarmac Group and Anglo American's Industrial Minerals division. His early career was in finance, working in London, Paris, Johannesburg, New York and Rio de Janeiro. He holds a MA in History from Oxford University.

Dr Tomaz A. SalomãoNon-Executive Director

Dr Tomaz Salomão joined the Board of Metallon in December 2014. He is the former Executive Secretary of the Southern African Development Community (SADC) and served from 2005 - 2013. Dr Salomão has made significant contributions to the development of Mozambique and the Region in senior positions for 22 years. During this period, he also served as Governor for Mozambique at the African Development Bank, IMF and World Bank. Dr Salomão is qualified as Certified Public Accountant, has Bachelor of Arts and Master of Arts Degrees in Economics. He is currently the Chairman of the Board of Directors of the Standard Bank, Mozambique (non executive), and a visiting Research Fellow at the Wits School of Governance at the University of Witwatersrand in Johannesburg.

Mzilikazi Khumalo

Chief Executive & Deputy Chairman

Mzilikazi Khumalo founded Metallon in 2001 and is the main shareholder of the Company. He purchased the assets in Zimbabwe from Lonmin in 2002. He has held the position of chairman at various companies including JCI Limited, Capital Alliance Holdings Limited and Point Waterfront Corporation, as well as having been Non-Executive Director at Mintek, Telkom, McCarthy Retail Limited, Ridge Mining and Anglo American Corporation. He holds a Bachelor of Commerce degree from UNISA.

Andile Reve

Non-Executive Director

Andile Reve joined Metallon in 2002 as Chief Executive and became a Non-Executive Director in August 2010. He was an analyst at KwazuluFinance and Investment Corporation from 1987 to 1991 and a Commercial Manager at Eskom from 1991 to 1996. He joined the RenniesGroup as an Executive Director in 1996 and in 1998 he moved to the Industrial Development Corporation as Executive Vice President –industrial finance. He holds an MBA from Rutgers University, State of New Jersey, USA, B .Com (Hons), UNISA and B.Com, Kwazulu-Natal.

Kwaku Akosah-BempahNon–Executive Director

Kwaku Akosah-Bempah joined the Board of Metallon in August 2010. He was previously the chief financial officer of AngloGold Ashanti Limited’s West Africa Region, having previously served as general manager: corporate finance at Ashanti Goldfields Company Limited. He has also held several senior roles as finance director at Freda-Rebecca mine in Zimbabwe. He holds a Bachelor of Commerce (Hons) Degree and a Diploma in Education from the University of Cape Coast, Ghana, and an MBA from the Columbia Business School, USA. He is also a chartered accountant and member of the Institute of Taxation, Ghana.

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Biographies: Executive Management

Ken Mekani

Chief Executive Officer Designate

Ken Mekani has been with Metallon for 27 years after joining the then Lonrho Mining as Graduate Trainee Metallurgist in June 1987. After completing the Graduate Trainee Programme, Ken was appointed Plant Metallurgist. He spent several years in the group’s various operations where he worked his way up the ranks and was involved in major Metallurgical projects. In December 2012, he was appointed Acting COO for Metallon Gold Zimbabwe and in June 2013 was appointed General Manager for the group’s flagship operation, How Mine. From August 2010 to August 2013, Ken was non-Executive Director and Chairman of the Technical Committee of Sabi Gold Mine, a wholly owned subsidiary of the Zimbabwe Mining Development Corporation. Ken holds a BSc. Metallurgical Engineering (1987) from New Mexico Institute of Mining and Technology (USA) and a Masters in Business Administration (MBA) from the University Of Zimbabwe Graduate School Of Management (2006).

Mark Tsomondo

Director, Exploration and New Business

Mark Tsomondo joined Metallon in 2010 as Group Exploration Manager. In that capacity, he undertook an in-depth review of Mineral Resource estimation for the Company. In January 2014 Mark became Chief Operating Officer and in September 2014 he was made Director -Geology and New Business. Mark’s experience spans over 30 years and covers mining and exploration for gold, platinum, chrome and copper. Joining Union Carbide Zimbabwe in Kwe Kwe in 1981, he worked on the Great Dyke deposits and gold in greenstone belts rising through the ranks from Junior to Chief Geologist. Mark formed Midlands Geological Services in 1992, a consultancy that lasted for over a decade. He also worked as Mine Manager for an open pit operation for 4 years, including a recent stint as Non-Executive Director of ZMDC. He holds a BSc (Hons) from University of Rhodesia and an MSc and D.I.C. in Mineral Exploration from Royal School of Mines, London (1985).

Dr Isadore Matunhire

Technical Director

Dr Isadore Matunhire joined Metallon in November 2013 as Head of Technical Services and in April 2014 became Technical Director. He is responsible for leading the expansion programmes, bankable feasibility studies and business integration. He has advised Metallon as an Independent Consultant since January 2013. He has over 20 years operational mining experience and 5 years in the mining consultancy field. He has worked for Zimbabwe Mining Development Corp and Bindura Nickel Corp in senior roles. He worked for TWP Projects as Lead Mining Engineer/ Project Manager where he completed feasibility and due diligence studies for Lonmin Platinum, African Consolidate Resources, Metallon, Anglo Platinum, Zimasco Chrome, Wesizwe Platinum, and BCL Selebi-Phikwe. He has also lectured in the Mining Engineering Department at the University of Pretoria and worked as Corporate Affairs Director for Mwana Africa. He graduated with a PhD in Mineral Economics from University of Nottingham, England and MSc in Management from City University, London.

Tulani Sikwila

Finance Director

Tulani Sikwila joined Metallon in 2005 and became Group Finance Director in March 2012. He has a decade of operational, accounting and finance expertise in the mining industry having started his career at Ernst & Young in 2001, where he spent 4 years as an Audit Supervisor. A chartered accountant by trade, he holds a B.Com in Accounting from Rhodes University, B. Compt (Honours) from UNISA,and a Diploma in Management Accounting (CIMA).

26

World class mineral resource – 9.7Moz

Proved Probable Total

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

How –

U/g 763 5.6 136 2,311 3.5 261 3,074 4.0 397

Surface817 1.1 30 817 1.1 30

763 5.6 136 3,128 2.9 291 3,891 3.4 427

Arcturus

– U/g 296 6.19 59 854 5.1 140 1,150 5.4 199

296 6.19 59 854 5.1 140 1,150 5.4 199

Shamva –

U/g 863 2.85 79 3452 2.93 325 4,315 2.9 404

863 2.85 79 3452 2.93 325 4,315 2.9 404

Redwing

– U/g 24 2.9 2 108 2.8 10 132 2.8 12

24 2.9 2 108 2.8 10 132 2.8 12

Mazowe

– U/g 336 5.67 61 273 5.56 49 609 5.6 110

336 5.67 61 273 5.56 49 609 5.6 110

TOTAL 2,282 4.6 337 7,815 3.2 815 10,097 3.5 1,152

Measured Indicated Total

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

Ton

(kt)

Grade

(g/t)

Ounce

s (oz)

How – U/g 1,855 5.5 326 2,745 3.9 342 4,600 4.5 668

Surface 817 1.1 30 817 1.1 30

1,855 5.5 326 3,562 3.3 372 5,417 4.0 698

Arcturus –

U/g 359 6.7 77 2,471 5.2 413 2,830 5.4 490

Surface 1,272 1.1 45 1,272 1.1 45

1,631 2.3 122 2,471 5.2 413 4,102 4.0 535

Shamva –

U/g 1,936 2.6 160 8,601 3.0 817 10,537 2.9 977

Surface 2,401 0.8 61 2,401 0.8 61

Surface 2 167 1.2 6 167 1.2 6

1,936 2.6 160 11,169 2.5 885 13,105 2.5 1,045

Redwing –

U/g 1,534 2.5 127 7,989 4.0 1,020 9,523 3.8 1,147

Surface

Sands 9,906 0.3 105 9,906 0.3 105

1,534 2.5 127 17,895 2.0 1,125 19,429 2.0 1,252

Mazowe –

U/g 517 9.5 159 794 7.4 189 1,311 8.2 348

Surface 4,967 0.8 125 4,967 0.8 125

5,484 1.6 284 794 7.4 189 6,278 2.3 473

TOTAL 12,441 2.5 1,019 35,891 2.6 2,984 48,331 2.6 4,003

Inferred Measured & Indicated Total

Ton (kt)Grade

(g/t)

Ounces

(oz)

Ton

(kt)

Grade

(g/t)

Ounces

(oz)Ton (kt)

Grade

(g/t)

Ounces

(oz)

How – U/g 3,774 3.4 418 4,600 4.5 668 8,374 4.0 1,086

Surface 10,393 1.1 359 817 1.1 30 11,210 1.1 389

14,167 1.7 777 5,417 4.0 698 19,584 2.3 1,475

Arcturus –

U/g 3,229 4.9 511 2,830 5.4 490 6,059 5.1 1,001

Surface 1,272 1.1 45 1,272 1.1 45

3,229 4.9 511 4,102 4.0 535 7,331 4.4 1,046

Shamva –

U/g 12,122 2.4 917 10,537 2.9 977 22,659 2.6 1,894

9,227 0.5 153 2,401 0.8 61 11,628 0.6 214

Surface 9,353 2.2 674 167 1.2 6 9,520 2.2 680

30,702 1.8 1,744 13,105 2.5 1,045 43,807 2.0 2,788

Redwing –

U/g 14,457 2.6 1,219 9,523 3.8 1,147 23,980 3.1 2,366

Surface

Sands 9,906 0.3 105 9,906 0.3 105

14,457 2.6 1,219 19,429 2.0 1,252 33,886 2.3 2,471

Mazowe –

U/g 5,546 7.3 1,293 1,311 8.2 348 6,857 7.4 1,641

Surface 1,300 5.0 209 4,967 0.8 125 6,267 1.7 334

6,846 6.8 1,502 6,278 2.3 473 13,124 4.7 1,975

TOTAL 69,401 2.6 5,753 48,331 2.6 4,003 117,732 2.6 9,756

Proved and Probable Reserves as at 30th June 2014

Measured and Indicated Resourcesas at 30th June 2014

Inferred, Measured and Indicated Resource as at 30th June 2014

Note (1) Redwing Mineral Reserves were reclassified as a Resource due to mine flooding below 6 level

27

How Mine – Flagship Mining Operation

Headgear at How Mine – April 2014

Underground at How Mine – April 2014

Key information

History Underground mine in production since

1942

Processing Central facility, using a combination of

conventional milling, gravity recovery &

carbon-in-leach process

JORC Resource 1.5Moz (JORC resource June 2014)

Current hoisting capacity 32 ktpm

Current milling capacity 30 ktpm

2014 production 55,008oz

2014 all-in-cost $562/oz

2015 production 60,850oz (expected)

2015 all-in-cost $679/oz (expected)

Av. mined grade 5g/t

Exploration upside How South extension

New orebody 350N discovered by

exploration drilling

28

Shamva Mine

Shamva mine and plant – April 2014

Workers at Shamva Mine – April 2014

Key information

History Underground mining since 1893.

2.45Moz mined to date

Processing Conventional crushing, milling, gravity

recovery and combination of carbon-in-

solution & -pulp processes

JORC Resource 2.8Moz (JORC Resource June 2014)

Current hoisting capacity 45 ktpm

Current milling capacity 33 ktpm

2014 production 24,037oz

2014 all-in-cost US$940/oz

2015 production 31,796oz (expected)

2015 all-in-cost US$933/oz (expected)

Av. mined grade 3g/t

Exploration upside Additional potential of 19Mt grading

1.7g/t scoped as open-pittable by SRK

in 1999

29

Mazowe Mine

Headframe at Mazowe Mine – April 2014

Conveyor at Mazowe Mine – April 2014

Key information

History Historic underground mining since 1890

Processing Conventional crushing, milling, free gold

recovery and carbon-in-leach facility

JORC Resource 2Moz (JORC Resource June 2014)

Current hoisting capacity 19 ktpm

Current milling capacity 10.5 ktpm

2014 production 11,380oz

2014 all-in-cost US$928/oz

2015 production 27,813oz (expected)

2015 all-in-cost US$799/oz (expected)

Av. mined grade 5g/t

Exploration upside Conceptual target size of 2.5 - 3Moz in

up to 25 high-grade quartz reefs in BSV

sections and down to 1000m depth

30

Arcturus Mine

Working at Arcturus Mine – May 2012

Miners at Arcturus Mine – May 2012

Key information

History Underground mine production since

1907. Mine reopened in October 2013

Processing Ore is processed through conventional

crushing, milling, gravity recovery and a

combination of carbon-in- solution & -

pulp processes

JORC Resource 1Moz (JORC Resource June 2014)

Current hoisting capacity 15 ktpm

Current milling capacity 15 ktpm

2014 production 8,316oz

2014 all-in-cost US$1,567/oz

2015 production 19,749oz (expected)

2015 all-in-cost $1,059/oz (expected)

Av. mined grade 4.2g/t

Future upside Production ramp up to capacity

31

Redwing Mine

Shaft headframe at Redwing – April 2014

Mine planning and development– April 2014

Key information

History Historic underground mining since 1889.

Mine flooded in recent years.

Dewatering to be completed Q1 2015 &

production to commence in 2015

Processing Combined underground and sand

retreatment operation

JORC Resource 2.5Moz (JORC Resource June 2014)

2015 production 10,034oz (estimate)

Ramp up of plant

capacity

23000tpm by December 2015

83000tpm by April 2017

193,000tpm by October 2018

Av. quartz grade 5.5g/t

Exploration upside Conceptual exploration targets in

multiple quartz-veins is 5 - 8 million

ounces

32

Company group structure

Bulawayo

Mining

Company

Goldfields of

Shamva

Company

Shamva Mine

Goldfields

of MazoweCompany

Mazowe Mine& Arcturus Mine

King’s Daughter

Company

Metallon Gold

Zimbabwe

(Private) Limited

Pazia Mining

Company

Midwinter Mining Location

Metallon Corporation

Limited (UK)

How Mine Redwing Mine

Metallon

Management

Services

Oria Mining

Company

Motapa Mining Lease

Metallon CorporationAddress: 78 Pall Mall, London, SW1Y 5ES Tel No: +44 (0) 203 178 7431

www.metcorp.co.uk