Argentina

The amount of capitalised exploration and evaluation expenditure relates to 12 licences comprising the Eureka Project and are located in north-west Jujuy near to the Argentine border with Bolivia and are formally known as Mina Eureka, Mina Eureka II, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, Mina Sur Eureka and Mina Cabereria Sur, covering, in aggregate, an area in excess of approximately 5,500 hectares and accessible via a series of gravel roads. All licences remain valid and in May 2019 the Company obtained a two-year renewal of its Environmental Impact Assessment (EIA) approvals in respect of its Mina Eureka, Mina Gino I, Mina Gino II, Mina Mason I, Mina Mason II, Mina Julio I, Mina Julio II, Mina Paul I, Mina Paul II, being the 9 northern most licences which are the intended focus of a future exploration programme  the Company is in the process of applying for the extension of the validity period of the May 2019 EIA approvals.

Notwithstanding the absence of new exploration activities on-site during the period the directors have assessed the value of the intangible asset having considered any indicators of impairment, and in their opinion, based on a review of the expiry dates of licences, future expected availability of funds to develop the Eureka Project and the intention to continue exploration and evaluation, no impairment is necessary.

Namibia

On 14 August 2020 the Company completed the acquisition of 100% of Virgo Resources Ltd and its interests in the Hope Copper-Gold Project in Namibia. On 12 February 2021 further to its announcement on 19 June 2020 that EPL 7170 which was under application when the Company acquired Virgo Resources Ltd ("Virgo") the Company announced that EPL 7170 has been granted and is now registered in the name of the group's 80% owned subsidiary Hope Namibia Mineral Exploration Pty Ltd Incorporated in Namibia ("Hope Namibia") which also owns EPL 6605. The group also owns EPL 5796 through its 70% owned subsidiary Hope and Gorob Mining Pty Ltd incorporated in Namibia ("Hope and Gorob"). On 14 January 2021 and 2 June 2021 the Company announced positive results in relation to exploration activities undertaken post acquisition which support the Company's confidence in the Hope Copper-Gold Project. Post-acquisition there have been no indications that any impairment provisions are required in relation to the carrying value of the Hope Copper-Gold Project.

Zambia

On 27 April 2020 the Company entered into a binding agreement with KPZ International Limited ("KPZ Int") (the "KPZ Agreement") in relation to the acquisition of a 30 per cent. interest in the approximate 974 km² large scale exploration licence numbered 24401-HQ-LEL in the Kalengwa greater exploration area in The Republic of Zambia (the "Licence") (the "Kalengwa Project") by acquiring a 30 per cent. shareholding in KPZ Int. Under the terms of the KPZ Agreement the Company has the right to appoint the majority of directors to the Board of KPZ Int and has operational control of the Kalengwa Project therefore in accordance with   IFRS 10 the Company's investment in KPZ Int has been consolidated.  The Licence is held by Kalengwa Processing Zone Ltd ("KPZ"), a 100 per cent. (less one share) Zambian subsidiary of KPZ Int, and is for the exploration of copper, cobalt, silver, gold and certain other specified minerals. The Licence was granted on 2 April 2019 and is valid for an initial period up to 1 April 2023. Cash consideration for the acquisition was US$250,000 (₤202,493) which was settled on 6 November by the issue of 76,923,077 shares and costs of £23,775. During the period on 12 April 2021 and 24 April 2021 and post the period end on 20 September 2021 the Company announced results in relation to exploration activities undertaken post acquisition which support the Company's confidence in the Kalengwa Project. Post-acquisition there have been no indications that any impairment provisions are required in relation to the carrying value of the Kalengwa Project.

Botswana

On 12 February 2021 the Company further to its announcement on 22 December 2020 announced the completion of the acquisition of 100% of Metrock Resources Ltd ("Metrock") and its manganese mineral exploration licences in Southern Botswana comprising the Kanye Manganese Project (the "Kanye Manganese Project"). The Kanye Manganese Project i) comprises a 4,043 sq km land package with 125 km of potential on trend manganese mineralisation across the licences ii) has historical trenching results have yielded in the case on one prospect of between 53% and 74% manganese oxide ("MnO"), and iii) project area is near the ground of a TSX listed public company that has a preliminary economic assessment showing high rates of return based on a MnO grade of 27.3.

On 24 June 2021 the Company announced it had completed reconnaissance mapping, prospecting and sampling work on the Kanye Manganese Project and that i)  Up to four historic manganese occurrences were successfully located and sampled in the field within an 8km-belt ii) 40 grab samples were obtained which assayed from traces up to high-grade results of 67.18% MnO occurring at the Moshaneng borrow pit and 68.01% MnO at the Mheelo prospect; iii) the Mheelo  prospect is located just 6km from the Giyani Metals K-Hill manganese project where a feasibility study is due for completion in Q3 2021 (April 2021 PEA indicates an 80% IRR) iv) the Company plans to follow-up the main targets with clearance/trenching by mechanical excavator to facilitate detailed mapping, prospecting and more systematic sampling ; and confirmed targets will be drill tested to define lateral and depth extent of deposits. Note 7.1 provides details of the deemed fair value of the exploration assets of £532,000 arising on the acquisition of Metrock. Post-acquisition there have been no indications that any impairment provisions are required in relation to the carrying value of the Kanye Manganese Project.