Bisichi Mining plc

Report on payments to governments for the year 2016

Bisichi Mining plc together with its subsidiaries issues the following report on payments to government for the year ended 31 December 2016.

INTRODUCTION

This Report provides an overview of the payments to governments made by Bisichi Mining plc and its subsidiaries for the year ended 31 December 2016 as required under the UK Reports on Payments to Governments Regulation 2014 and its amendment in December 2015 (the UK Regulations). This Report is also intended to satisfy the requirements of the Disclosure and Transparency Rules of the Financial Conduct Authority in the United Kingdom.

BASIS OF PREPARATION

Reporting entities

This report includes payments to governments made by Bisichi Mining plc and its subsidiary undertakings (Bisichi Mining). Payments made by associates and entities over which Bisichi Mining has joint control are excluded from this report.

Activities

Payments made by Bisichi Mining to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals (extractive activities) are to be disclosed in this report.

Government

Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government.

Project

Payments that are reported at project level except that payments that are not attributable to a specific project are reported at legal entity level. Project is defined as being the operational activities which are governed by a single contract, or licence agreement, and form the basis for payment liabilities with a government.

If agreements of this kind are substantially interconnected (i.e. forming a set of operationally and geographically integrated contracts, licenses, leases or concessions) these are treated for the purposes of these Regulations as a single project. Indicators of integration include geographic proximity and common operational management.

Payments

The information is reported under the following payment types:

Taxes

These are any taxes paid by Bisichi Mining on its income and profits in accordance with legislation enacted in the applicable jurisdiction. Payments are reported net of refunds. Value added tax, personal income taxes, social taxes, property taxes are excluded.

Royalties

Royalties is any mining royalty payable in the Republic of South Africa.

Fees

These are any fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector are excluded.

Infrastructure improvements.

Payments in kind in the form of infrastructure expenditure other than in circumstances where the infrastructure is expected to be primarily dedicated to operational activities throughout its useful life. UK Regulations do not require reporting social or community payments, such as payments to build a hospital or a school.

Other types of payments

Other types of payments that are required to be disclosed in accordance with the UK Regulations but are not relevant to Bisichi Mining operations are the following:

– Production entitlements

– Dividends

Including dividends paid to a government in lieu of production entitlements or royalties. Dividends paid to a government as an ordinary shareholder on the same terms as to other ordinary shareholders and not paid in lieu of production entitlements or royalties are excluded.

– Signature, discovery and production bonuses

Payments are reported on a cash basis. No in-kind payments were made during year ended 31 December 2016.

Materiality Level

In line with the UK Regulations, where a payment or a series of related payments have not exceeded £86,000 they have not been disclosed.

During the year ended 31 December 2016 no payments made by Bisichi Mining exceeded this amount.

Exchange Rate

Relevant payments are made by Bisichi Mining in South African Rand and for the purpose of this report are translated to UK Sterling using the annual average exchange rate for the period.

PAYMENTS PER GOVERNMENT 1
Government Taxes Royalties Fees Infrastructure improvements Total
Republic of South Africa – – – – –
Total – – – – –
PAYMENTS PER PROJECT 1
Entity Project Country/ Government Taxes Royalties Fees Infrastructure improvements Total
– – – – –
Black Wattle Colliery (Pty) Ltd Black Wattle South Africa – – – – –
Total – – – – –

No payment during the period exceeded the £86,000 threshold.

A copy of the report referred to above has been sent to the National Storage Mechanism and will shortly be available for viewing at www.morningstar.co.uk/uk/NSM

For further information, please contact:

Garrett Casey

Company Secretary

Bisichi Mining plc

Tel: 020 7415 5000

22 June 2017

Bisichi Mining PLC (“the Company”)

The Company is pleased to announce that at the Company’s 105th Annual General Meeting held on 7 June 2017 at 24 Bruton Place, London W1J 6NE all ordinary and special resolutions concerning ordinary and special business were duly passed.

Proxy votes were as follows:

ORDINARY RESOLUTIONS

Resolution 1
To receive and adopt the Company’s annual accounts for the year ended 31 December 2016 together with the directors’ report and the auditors’ report on those accounts.
Votes:
Those in favour: 7,527,252 Discretion 5,620
Those against 320 Withheld 0

Resolution 2
To approve the remuneration report (other than the part containing the remuneration policy referred to in resolution 3 below) for the year ended 31 December 2016.
Votes:
Those in favour: 5,630,935 Discretion 5,620
Those against 1,896,637 Withheld 0

Resolution 3
To approve the remuneration policy to be effective from the conclusion of the Annual General Meeting.
Votes:
Those in favour: 5,632,435 Discretion 5,620
Those against 1,895,137 Withheld 0

Resolution 4
To declare and approve a final dividend of 3.0p per share.
Votes:
Those in favour: 7,527,252 Discretion 5,620
Those against 320 Withheld 0

Resolution 5
To re-elect as a director Mr GJ Casey.
Votes:
Those in favour: 5,634,598 Discretion 5,620
Those against 320 Withheld 1,892,654

Resolution 6

To reappoint BDO LLP as auditors of the Company.

Votes:
Those in favour: 7,527,252 Discretion 5,620
Those against0 320 Withheld 0

Resolution 7
To authorise the directors to determine the remuneration of the auditors.
Votes:
Those in favour: 7,526,414 Discretion 5,620
Those against 1,158 Withheld 0

Resolution 8
To authorise the directors to allot securities.
Votes:
Those in favour: 5,580,426 Discretion 58,954
Those against 1,893,812 Withheld 0

Special Resolutions

Resolution 9
To empower the directors to disapply statutory pre-emption rights.
Votes:
Those in favour: 7,524,602 Discretion 7,272
Those against 1,318 Withheld 0

Resolution 10
To authorise the calling of general meetings of the Company on 14 clear days’ notice.
Votes:
Those in favour: 7,525,440 Discretion 7,272
Those against 480 Withheld 0

Resolution 11
To authorise the Company to make market purchases of its ordinary shares.
Votes:
Those in favour: 7,518,962 Discretion 7,272
Those against 6,958 Withheld 0

Copies of the Special Resolutions referred to above have been sent to the National Storage Mechanism and will shortly be available for viewing at http://www.morningstar.co.uk/uk/NSM

For further information, please contact:

Garrett Casey

Secretary

Bisichi Mining plc

Tel: 020 7415 5000

7 June 2017

END