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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='border-collapse:collapse'><tr><td width=638 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><o:p> </o:p></p></td></tr><tr><td width=638 valign=top style='width:478.8pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>THREAD: On a Date with RioZim Limited (RIOZ)<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=370 height=210 style='width:3.8583in;height:2.1833in' id="Picture_x0020_15" src="cid:image012.jpg@01D8E3C6.D7604530" alt="cid:image001.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Today in Zimbabwe you can buy gold and diamonds for the price of snacking on "Maputi". Let us show you how </span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI Emoji",sans-serif'>👇</span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Welcome to On a Date with a listed company on the Zimbabwe Stock Exchange. <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#1. History,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1873, Hugh Matheson a Scottish entrepreneur leads a consortium of European banks to acquire old copper mines in Spain<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Consortium wins the right to buy RioTinto mines from the Spanish government resulting in the formation of Rio Tinto Co (RTC)<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=408 style='width:6.5in;height:4.25in' id="Picture_x0020_14" src="cid:image013.jpg@01D8E3C6.D7604530" alt="cid:image002.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1954, Business environment in Spain deteriorates favoring local enterprises.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RTC sells off a significant stake in the Spanish copper mines to a consortium of Spanish banks.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Compania Espanola de Minas de Rio Tinto is formed to take over mining in from RTC.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=401 style='width:6.5in;height:4.175in' id="Picture_x0020_13" src="cid:image014.jpg@01D8E3C6.D7604530" alt="A picture containing text, nature, outdoor, slope
Description automatically generated"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1956, RTC is awash with money from the sell of its mines in Spain.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Money is invested in a newly registered unit Rio Tinto Southern Rhodesia (RTSR).<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RTSR's first investment is to develop and mine the Empress Nickel deposit.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1959, Cam & Motor Mine is bought but its gold reserves had depleted significantly. <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>It was closed 9 years after it was bought then reopened 47 years later on an adjacent site<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>+150 tons of gold had been produced. The largest gold mine by output at the time.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=409 style='width:6.5in;height:4.2583in' id="Picture_x0020_12" src="cid:image015.jpg@01D8E3C6.D7604530" alt="cid:image004.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RTSR continued to grow its portfolio of businesses especially through acquiring existing mines. These included:-<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Sandawana, an emerald mine<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Patchway, a gold mine<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l1 level1 lfo3'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Renco, gold mine mine<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Rio Industries established.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1969, RTSR is listed on the @ZSE_ZW<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=349 style='width:6.5in;height:3.6333in' id="Picture_x0020_11" src="cid:image016.jpg@01D8E3C6.D7604530" alt="cid:image005.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioZim (RIOZ) becomes the new name for RTSR upon the independence of Zimbabwe.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1982, the nickel deposits at Empress Nickel Refinery (ENR) are depleted. ENR closed.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1989, Government of Zimbabwe (GoZ) grants a coal mining licence to Sengwa Colliery.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Sengwa starts as a joint venture between Rio Tinto and RTZ Mining & Exploration. Rio Tinto is the parent company of RIOZ.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>1997, Discovery of diamond </span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI Emoji",sans-serif'>💎</span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'> bearing kimberlite pipes in Murowa area by Rio Tinto. 7 years later a small </span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI Emoji",sans-serif'>💎</span><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'> mine is commissioned<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>2004, RIOZ becomes a Zimbabwean company separate from Rio Tinto<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>2013, Dalny Mine is bought from Falcon Gold's subsidiary Palatial<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>2015, Rio Tinto sells off its Murowa Diamonds and Sengwa operations to RIOZ<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>The sell off marked its exit from Zimbabwe.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#2. Operations,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RIOZ is in the business of exploration, mining and refinery <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>It holds mining claims for gold, coal, chrome.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Mining is currently being done for gold and diamonds. <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Refinery at its ENR complex is subdued due to lack of sufficient feed.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=362 style='width:6.5in;height:3.775in' id="Picture_x0020_10" src="cid:image017.jpg@01D8E3C6.D7604530" alt="cid:image006.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#3. Divisions<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioGold<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Comprises of 3 mines <o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>• Cam & Motor, <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>• Renco <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>• Dalny<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioBase Metals<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>It is made up of the ENR. The division is operating in care and maintenance mode. It covers its costs by refinery of mattes from 3rd parties.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=624 height=792 style='width:6.5in;height:8.25in' id="Picture_x0020_9" src="cid:image018.jpg@01D8E3C6.D7604530" alt="cid:image007.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioDiamonds<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RIOZ owns a 22% shareholding in Murowa Diamonds the mine developed by @RioTinto. 78% is held by RZ Murowa Holdings.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioEnergy<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Comprises of 2 project level operations.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>• 178 Megawatt (MW) Solar Project <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>• 2800 MW Sengwa Colliery<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#4. Customers,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RIOZ sells its gold to Fidelity Gold Refinery (FGR). FGR is the sole licenced buyer of gold in Zimbabwe. A unit of RBZ<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RIOZ exports its diamonds from Murowa Diamond. Platinum Group Metals (PGM) producers use ENR.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#5. Competitors,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Caledonia Mining Corporation<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l2 level1 lfo8'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>An efficient miner who owns Blanket Mine in Gwanda.<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Kuvimba Mining House<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l2 level1 lfo8'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>The largest owner of mining assets in Zimbabwe including BNC which owns BSR similar to ENR.<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>ZCDC<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><ul style='margin-top:0cm' type=disc><li class=MsoListParagraph style='margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;mso-add-space:auto;line-height:115%;mso-list:l2 level1 lfo8'><span lang=EN-US style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Holds diamond assets in Marange<o:p></o:p></span></li></ul><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#6. Management,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Manit Shah - CEO<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Holder of a Masters in Finance from the London School of Economics<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>A successive executive with a track record of turning around distressed businesses.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Currently he has managed to bring to completion the BIOX project.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img width=512 height=620 style='width:5.3333in;height:6.4583in' id="Picture_x0020_8" src="cid:image008.jpg@01D8E3C4.F18303A0" alt="cid:image008.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#7. Share Price<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>ZWL110 per share (<a href="mailto:USc21.15@RBZ">USc21.15@RBZ</a> Interbank Rate) as at 18/10/22. Get it on @CTRADEmobile or @ZSEDirect <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>ZWL40 per share on 4/01/22. Check it on @MorganCo_ZW<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>175% gained to date ranking it 8<sup>th</sup> on the @ZSE_ZW<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Market Cap</span></b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'> <b>ZWL13.4bn</b> (<b>US$25.81m</b> market cap @RBZ interbank rate)<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>122,029,470 issued shares.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#8. Shareholding,<o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Global Emerging Markets (GEM) is the largest shareholder of RIOZ.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>GEM is an investment group with USD +3.4 billion in assets across the world.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>It's shareholding in RIOZ is held through the GEM RioZim Investment vehicle.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img border=0 width=624 height=587 style='width:6.5in;height:6.1166in' id="Picture_x0020_7" src="cid:image019.jpg@01D8E3C6.D7604530" alt="cid:image009.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioZim Murowa is the 2nd largest shareholder and is controlled by GEM which led by Harpal Randhawa.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>RioZim Foundation was set by RS Walker the then chairman in 1974 to support communities.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>The foundation received a block of RIOZ shares through a deed.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><img border=0 width=624 height=442 style='width:6.5in;height:4.6083in' id="Picture_x0020_6" src="cid:image020.jpg@01D8E3C6.D7604530" alt="cid:image010.jpg@01D8E3BA.7FDA6130"><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><b><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>#9. Pitch <o:p></o:p></span></b></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>The business is on a mend with support from the majority shareholder.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>Completion of the Biological Oxidation (BIOX) plant project is an enabler to facilitate recovery of high grade refractory sulphide ores from the Cam & Motor Mine.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>A new processing plant at Murowa Diamond doubling monthly processing capacity.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>GoZ policy on beneficiation might push PGM producers to invest in ENR.<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:14.0pt;line-height:115%;font-family:"Segoe UI",sans-serif'>The inflationary conditions across the world will favor commodity producers.<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='line-height:115%;background:white'><i><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><i><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></i></p><p class=MsoNormal style='line-height:115%;background:white'><b><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='line-height:115%;background:white'><b><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black;text-decoration:none'>+2</span><span style='color:windowtext;text-decoration:none'>7</span></a></span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'> 71 544 4769<o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black;text-decoration:none'>+263 77 344 1674</span></a></span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:black;text-decoration:none'>info@bulls.co.zw</span></a> </span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.bullszimbabwe.com"><span style='text-decoration:none'>www.bullszimbabwe.com</span></a> </span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black;text-decoration:none'>www.bulls.co.zw/blog</span></a></span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%;background:white'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:9.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:115%'><span style='font-size:12.0pt;line-height:115%;font-family:"Georgia",serif;mso-fareast-language:EN-ZW'><img border=0 width=246 height=120 style='width:2.5666in;height:1.25in' id="Picture_x0020_1" src="cid:image011.png@01D8E3C4.F18303A0" alt="cid:image007.png@01D8D251.2F5DF3E0"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></td></tr></table></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>