SUBSIDIARIES

The Company acquired several special purpose subsidiaries in order to use them in the implementation and execution of the Company’s strategy. Each subsidiary is, broadly speaking, a special purpose vehicle. However, over time, the subsidiaries have fallen into the following two distinct categories, namely, those that are used to hold the Company’s stake in a particular asset and then those that are used to facilitate implementation of the Company’s Earn-In strategy. The following subsidiaries fall into the first category above:

• Epangelo Husab Uranium (Pty) Ltd – holds 10 % stake in the Husab Uranium Mine.
• JG Investment Two (Pty) Ltd – holds a 7.5 % stake in the Navachab Gold Mine.

The Company holds the following subsidiaries, most of which were dormant pending conclusion of appropriate contractual frameworks with strategic partners. Each of the following wholly owned subsidiaries was acquired as a shelf company . Each subsidiary has one nominal director, the Chief Executive Officer of Epangelo, for the mere purpose of legal compliance. These subsidiaries are held for the purpose of enabling quick turnaround times when implementing the earn-in strategy as described above.

• JG Investments Three (Proprietary) Limited.
• JG Investments Five (Proprietary) Limited.
• JG Investments Fourteen (Proprietary) Limited.
• Epangelo Offshore Mining (Pty) Ltd