This morning, OSI announced it has received a conditional 20-year mining license and a positive environmental permitting review for its Twin Hills Gold Project in Namibia. This is a major milestone for OSI as it greatly de-risks the Twin Hills Project as the Company progresses towards construction financing. We anticipate construction financing to be secured within the next two quarters.

The Company received “Preparedness to Grant” confirmation from the Namibian Ministry of Mines & Energy for a 20-year mining license. This license is subject to fulfilment of several customary conditions which include adherence to an agreed work program, conclusion of environmental authorization, implementation of a 5% carried interest for local shareholders and the submission of a strategy for adherence to the Namibian government’s poverty alleviation and socio-economic upliftment strategy of especially disadvantaged population groups.

The Environmental Permits are approved on the reception of a positive review of the Environmental & Social Impact Assessment (ESIA) and Environmental Management Plan (EM).

This news comes as a significant achievement and allows the Company to continue to rapidly advance the project to construction. The news also demonstrates the support of the Namibian government for the Project. We are maintaining our BUY rating and our target price of $3.40/share for OSI.

Prior to entering the construction phase the Company is required to secure several additional permits such as, wastewater, explosives, tailings, land clearing etc., however, these permits are standard approvals and do not carry much risk on the project moving forward.

Catalysts Ahead:

• Twin Hills Feasibility Study – Q1/22

• Twin Hills Project Financing & Additional Permitting – Q4/22 & Q1/23

• Ondundu Resource Update – Q1/23

• Ondundu Preliminary Economic Assessment – Q1/23

Why We Like OSI:

• Fast track to production – On pace to be one of the fastest companies in the world to move from discovery all the way to a permitting decision

• Management has done this before – CEO (Heye Daun) developed the Otjikoto Mine (Namibia) which was later sold to B2Gold

• Clear acquisition target for B2Gold – BTO is operating the Otjikoto Mine in Namibia and has a cash position of ~US$650M

• Many upcoming catalysts