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(Gold Survey 2022) World Gold Fabrication Developing Countries Industrialised Countries 2022 down 472t or 16% yoy Source: GFMS (Gold Survey 2022) Indian SC Europe East Asia Other Jewellery Fabrication: Winners and Losers (Figures represent yearonyear change, . 2022 less 2022) Latin America North America Middle East Source: GFMS (Gold Survey 2022) Fabrication Demand in 2022 A sharp decline in jewellery demand was the principal driver of the 16% or 472t fall in fabrication demand to 2,417 t. Full year jewellery fabrication dropped by 20% or 434 tonnes, with higher gold prices and the economic downturn the primary reasons for the fall. Other fabrication fell by just % yoy to 658 tonnes in 2022. However, with all coins excluded, the drop reaches 15%. ? Electronics demand dropped by16%, largely due to the economic crisis, particularly in the first half. GFMS’ Hedging Analysis ? ? ? ? GFMS enter all hedging transactions into our hedging database and the Brady Trinity system. Trades are input on a quarterly basis by pany, instrument, year of expiry and currency. Using detailed market data, accurate deltas and other sensitivities are calculated. Comprehensive global hedge book analysis is published once per quarter by GFMS, in association with Soci233。 Cash Costs (in moneyoftheday terms) Source: GFMS (Gold Survey 2022) Australia YearonYear Changes to Cash Costs 464 Source: GFMS (Gold Survey 2022) 478 +10 +12 +6 +5 +5 +3 4 12 +21 33 2022 vs 2022 Mine Production 163 tonne increase equal to % yoy in 2022。 Programme Presentation Outline ? ? ? ? Gold Prices Supply Demand Outlook US Dollar Gold Price Weekly Averages DOLLAR Average IntraYear YearonYear 2022 % % 2022 % % Q1 2022 1, % % US$/oz 26week moving average Source: GFMS。Gold Survey 2022 Philip Klapwijk Executive Chairman, GFMS Ltd. London, 14th April 2022 GFMS gratefully acknowledge the generous support from the following panies for this year’s Gold Survey and its two Updates World Gold Council Kinross Gold Corporation Commerzbank Global Precious Metals Dubai Multi Commodities Centre ScotiaMocatta Johnson Matthey Valcambi sa JPMan Chase Bank INTL Commodities, INC. Tanaka Precious Metals Group Barrick Gold Corporation Large and experienced team