DWAALKOP PROPERTIES

Phase I infill drilling completed to depth of 500 m resulting in a 21% increase in PGM resource compared with previous drilling.

Phase I infill drilling completed to depth of 500 m resulting in a 21% increase in PGM resource compared with previous drilling.

SouthernEra announced that the Messina Platinum JV has completed a Phase 1 drilling program at the Dwaalkop Section of the Greater Messina Platinum Project in South Africa. Phase I infill drilling completed to a depth of 500 m resulted in a 21% increase in PGM resource compared with previous drilling. The Merensky reef Indicated Resource has been classified over a 1.4 m wide zone through an interval of 40 cm above the M1 chromitite marker to 100 cm below. The Merensky Indicated Resource to 500 m comprises 12.81 million tonnes at a grade of 4.59 g/t (5PGE+ Au), which represents 1.89 million ounces (5PGE+Au). The Pt:Pd ratio of the Indicated Resource is 1.82. The Inferred Resource comprises 2.55 million tonnes at a grade of 6.10 g/t (5PGE+Au), which represents 0.50 million ounces (5PGE+Au). The Pt: Pd ratio of the Indicated Resource is 1.25. The previously stated Inferred Resource to 500 m was 8.45 million tonnes at a grade of 3.49 g/t (5PGE+Au), representing 0.95 million ounces (5PGE+Au). The current Merensky resource is 1.44 million ounces or 151% higher than that previously stated. The UG2 Resource to 500 m comprises 14.95 million tonnes at a grade of 5.37 g/t (5PGE+Au), which represents 2.58 million ounces (5PGE+Au). The Pt: Pd ratio of the resource is 0.80. The previously stated Inferred Resource to 500 m was 14.65 million tonnes at a grade of 6.74 g/t (5PGE+Au), representing 3.17 million ounces (5PGE+Au). The current resource is 0.58 million ounces, or approximately 18% lower than that previously stated.