OTJIKTO OPEN PIT

Otjikoto Mine - Namibia Three months ended March 31, 2021 2020 Gold revenue ($ in thousands) 48,107 66,258 Gold sold (ounces) 26,760 41,900 Average realized gold price ($/ ounce) 1,798 1,581 Tonnes of ore milled 894,060 857,444 Grade (grams/ tonne) 0.82 1.54 Recovery (%) 97.6 98.4 Gold production (ounces) 23,042 41,749 Cash operating costs(1) ($/ gold ounce sold) 823 416 Cash operating costs(1) ($/ gold ounce produced) 940 441 Total cash costs(1) ($/ gold ounce sold) 895 480 All-in sustaining costs(1) ($/ gold ounce sold) 1,475 850 Capital expenditures ($ in thousands) 18,875 11,732 Exploration ($ in thousands) 476 372 (1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”. The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, performed well during the first quarter of 2021, producing 23,042 ounces of gold, 11% (2,351 ounces) above budget, with processed tonnes, grade and recoveries all slightly better than budget. As expected, compared to the first quarter of 2020, gold production was significantly lower by 45% (18,707 ounces), as processed ore is primarily being sourced from existing stockpiles while significant waste stripping operations continue at both the Wolfshag and Otjikoto pits. Mined ore tonnage and grade continue to reconcile well with Otjikoto’s resource model, and ore production is forecast to significantly increase in the second half of 2021 when mining reaches the higher-grade zone at the base of the Wolfshag Pit. For the first quarter of 2021, mill feed grade was 0.82 g/t compared to budget of 0.79 g/t and 1.54 g/t in the first quarter of 2020; mill throughput was 0.89 million tonnes compared to budget of 0.84 million tonnes and 0.86 million tonnes in the first quarter of 2020; and gold recovery averaged 97.6% compared to budget of 97.3% and 98.4% in the first quarter of 2020. Development of the Wolfshag underground mine continues to progress on schedule. In the fourth quarter of 2020, development of the portal was completed, and development of the primary underground ramp commenced. Development continued during the first quarter of 2021, and stope ore production is expected to commence in early 2022, in-line with original estimates. The initial underground Mineral Reserve estimate for the down-plunge extension of the Wolfshag orebody included 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold. Cash operating costs (refer to “Non-IFRS Measures”) for the first quarter of 2021 were $940 per gold ounce produced ($823 per ounce gold sold), compared to a budget of $996 per ounce produced and $441 per ounce produced for the first quarter of 2020. The lower cash operating costs per gold ounce produced in the first quarter of 2021 compared to budget resulted from the higher than budgeted production discussed above. As expected, cash operating costs for the first quarter of 2021 were higher than the first quarter of 2020 due to the planned lower production as discussed above. All-in sustaining costs (refer to “Non-IFRS Measures”) for the first quarter of 2020 were $1,475 per gold ounce sold compared to a budget of $1,718 per gold ounce sold and $850 per gold ounce sold in the first quarter of 2020. All-in sustaining costs for the first quarter of 2021 were lower than budget as a result of the lower than budgeted cash operating costs as discussed above, higher than budgeted gold ounces sold partially offset by higher than budgeted sustaining capital expenditures, due to higher than budgeted prestripping tonnage as development of the Otjikoto and Wolfshag pits continues. 9 Capital expenditures for the first quarter of 2021 totalled $19 million, primarily consisting of $12 million for prestripping in the Otjikoto Phase 3 and Wolfshag Phase 3 pits, $2 million for mobile equipment rebuilds and replacements and $4 million for Wolfshag underground development. For full-year 2021, the Otjikoto Mine is expected to produce between 190,000 and 200,000 ounces of gold in 2021, as high-grade ore is scheduled to be sourced from Phase 3 of the Wolfshag Pit in the second half of 2021. Otjikoto’s cash operating costs are forecast to be between $480 and $520 per ounce and all-in sustaining costs are forecast to be between $830 and $870 per ounce. Approximately 70% of the gold produced in 2021 is expected to be mined from Phase 3 of the Wolfshag Pit, with material ore production starting early in the third quarter of 2021 following the waste stripping campaign. As a result of the timing of this high-grade ore mining, Otjikoto’s production is expected to be significantly weighted to the second half of 2021. For the first half of 2021, Otjikoto’s gold production is expected to be between 45,000 and 50,000 ounces, before increasing significantly to between 145,000 and 150,000 ounces during the second half of 2021. Based mainly on the weighting of the planned production and timing of higher waste stripping, Otjikoto’s cash operating costs are expected to be between $940 and $980 per ounce in the first half of 2021, before significantly improving to between $330 and $370 per ounce during the second half of 2021. In addition, Otjikoto’s all-in sustaining costs are expected to be between $1,600 and $1,640 per ounce in the first half of 2021, before significantly improving to between $580 and $620 per ounce during the second half of 2021. In the first quarter of 2021, gold production at Otjikoto was forecast to be lower and costs forecast to be higher than the second quarter of 2021, due to the significant amount of waste stripping and lower stockpile grades processed early in the year. Otjikoto’s higher 2021 gold production level of between 190,000 and 200,000 ounces is expected to continue through to 2024, with production from Wolfshag underground expected to commence in early 2022 to supplement ore from the Otjikoto Pit as well as existing medium and low-grade stockpiles for approximately three years based on current estimates.