2020 Annual General Meeting- Chairman’s Address Resource Generation Limited Registration number ACN 059 950 337 (Incorporated and registered in Australia) ISIN: AU000000RES1 Share Code on the ASX: RES Share Code on the JSE: RSG (“Resgen” or the “Company”) 29 January 2021 2020 Annual General Meeting Chairman’s Address 2020 was a year of mixed fortunes for our Company. We started the year enthusiastically determined to reach Project Financial Close and confident in finalising the Boikarabelo Mine construction work program. We were exceptionally disappointed in October 2020 to report that our objective of reaching Financial Close by calendar year end would not be achieved as a result of the Industrial Development Corporation of South Africa withdrawing from the Funding Syndicate on short notice. The delay in reaching Financial Close necessitated that we seek short term funding alternatives including requesting Noble Group to extend repayment of their Working Capital Facility to enable the Company to explore other opportunities to achieve Financial Close. In this regard, Noble Group has continued to support the Company by agreeing to provide access to additional short-term working capital, based on an austerity budget, through to the end of February 2021. This allowed the Company time to address the solvency challenge and to evaluate alternatives to progress development of the Project. In November 2020, Noble Group, as secured creditor, appointed Macquarie Advisory and Capital Markets as its Financial Advisor to work with the Company in a strategic review process to identify alternative capital structure options for development of our Project. A number of interested parties both locally in South Africa and abroad have been identified through this process with a shortlist for more in-depth engagement prepared in early 2021. The strategic review process is now expected to extend well past 28 February 2021. Consequently, to enable progression of the strategic review process, the Company is currently focused on securing additional working capital along with negotiating further extensions to deferred Project related contractor payments. I take this opportunity to thank our Shareholders for their continued patience whilst we navigate the current difficulties, Noble Group for its continued support, the Board of Resgen for their unwavering support and agreement to provide their role on a pro bono basis and our Management team for their resilience and hard work. Resource Generation Limited (ACN 059 950 337) c/o Level 1, 17 Station Road, Indooroopilly, QLD 4068 GPO Box 126, Albion QLD 4010. Phone +27 (012) 345 1057 Fax +27 (012) 345 5314 www.resgen.com.au Lulamile Xate Chairman For further information please contact: Mike Meintjes, Company Secretary on mmeintjes@resgen.com.au or +61 413 706 143 Media enquiries: South Africa: Marion Brower/ Charmane Russell on +27 11 880 3924 JSE Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited PAGE 2 Date: 29-01-2021 08:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.