Scope:
To develop a feasibility accuracy level post-tax financial evaluation, development of revenue, operating
costs estimates, stay in business capital, and the funding model of the Harare Mill.

Outcome:
Lynshpin cedar delivered The PPC Harare Mill financial evaluation which was based on a discounted
incremental cash flow model that takes account of all revenue, project capital, stay in business capital
and operating costs and taxes. The models were built to allow the separate evaluation of a Base Case,
Base + Project Case and the incremental case. In addition, the models evaluated multiplies scenarios and
also, a risk-adjusted case based on Monte Carlo parameters was also evaluated. Our deliverables also
included the financial feasibility study report on the project.

The project was approved for implementation in 2014 and has since been officially opened in 2017

Testimonial:
Lynshpin Cedar delivered high-quality post-tax project financial models and post-tax funding models.
Our funders were comfortable to rely on them for making their decisions. The construction of this project
was successfully completed and commissioned into operation in 2017

Tryphosa Ramano
Former PPC Group CFO

Scope:
To assist with the development of investment frameworks, long term business planning & corporate
finance advisory.

Outcome:
Lynshpin Cedar assisted PPC Corporate Finance division with the development of business planning
tools, development of a framework for the discount rates to be used for the discounted cash flow models,
which took into account WACC, country risk premiums & project risks, and these were specific per country
and project. During this time, we worked hands-on with the PPC staff for the transferring of skills.
This was successful as the staff was able to carry the work we have done forward.

Testimonial:
Lynshpin Cedar was contracted during the height of the PPC Africa expansion strategy and thus we had
to make sure that our investment governance processes were above par and also that we don’t just use a
blanked discount rates across all boarders. Therefore, we adopted a risk-based approach, where each country
was evaluated based on its risks, both politically and economically. Lynshpin Cedar was instrumental in
assisting us to start with these processes and transferring the necessary skills.

Tryphosa Ramano
Former PPC Group CFO

Scope:
Lynshpin Cedar has assisted AIH on various transactions on deal origination, desktop valuations, due
diligences and deal structuring.

Outcome:
Lynshpin Cedar provided both reviews of historical information and commercialization of the prospect’s
transactions. Our approach is holistic in that we have advised AIH not only on confirming the information
which has been provided by the prospective investee company but provided advice that looks at the
prospects of the business into the future. Our reviews cover strategy, market overview, understanding
competitive landscape & some potential pitfalls with the transaction.

AIH Testimonial:
Lynshpin Cedar has added immense value to AIH, it is a trusted brand for us in the Corporate Finance
Space. They are forward thinking and strategic in their approach, do not only just look at the numbers
but the prospective investee companies holistically. Their strategic approach to due diligences has often
assisted us in identifying some of the potential deal breakers, which could have been detrimental to us
as an investor. They don’t just follow a tick box exercise but distinguish themselves in the market as a
holistic advisor by also thinking about the future and bringing these futures to the present day, so that
we can have full appreciation of the potential scenarios.

Sindi Mabaso Koyana
AIH Executive Chairperson

Scope:
Lynshpin Cedar was contracted to develop the financial models and business plan

Outcome:
Lynshpin Cedar worked hand in hand with the company owners to develop the business plan were
possible a zero-based costing principle was adopted.

Testimonial:
In 2017 we successfully tendered for the Northern Cape 132kV Line Construction contract Outline
Agreement and then awarded a 132kV 18.7km Single Circuit line project. The estimated budget for the
project was R22.8m. Honestly, we were not capacitated for a project of this size. We had the skills, but
we needed more than that to execute this project. We approached Mrs. Mnisi and got the process going.
Lynshpin consolidated the Financial Statements and developed a suitable business plan for our purpose.
They provided us with advice to get the best result possible.

The process was very intense mainly due to the scale of the project.

We were able to secure the following facilities:

• Ford Credit: R3 000 000 Facility for Vehicles
• JCB Finance: JCB Backhoe Loader 3DX Value R885 500.
• Purchase Isuzu FVZ1400 with 23.5 Ton Crane for R1 200 000.

We went from hiring these items to ownership of the items because of the assistance we received from
Lynshpin Cedar.

It is particularly important that I mention this because we were spending more than
R300 000 per month on the rental of vehicles and equipment to R80 000 a month with financed vehicles.
This significantly improved our cash flow and thus we have almost completed the project.
I think any company from start-up to corporates can benefit from the services and advisory available at
Lynshpin Cedar. Our company has scaled up and we are now able to tender for projects which were out
of our reach previously because of the assistance we received from Lynshpin Cedar.

Michael Flemming
Chief Operating Officer / Partner
MCP Electrical CC

Scope:
Prior to establishing Lynshpin Cedar, Pitsi was employed by De Beers as a Business Manager on the
Project. She was part of the Project leadership team during the pre-feasibility study, feasibility study, and early-stage implementation phase. Her scope on the project covered business case development,
operating costs estimate, capital estimates, cost control (until feas study), and financial management.

• FEASIBILITY STUDY ROLES AND RESPONSIBILITIES
– Business Case
– Implementation Capital Costs Estimate
– Life of Mine (LOM) Operating Costs Estimate
– LOM Capital Costs Estimate
– Implementation Phase Costs controls
– Commercial
– Study Finances

Business Case
Responsible for delivering Business Case through the following deliverables:
– Post Tax Financial Model
– Monte Carlo Simulations
– Sensitivities Analysis
– Scenario Analysis
– Investment Proposal

LOM Operating Costs Estimate
Responsible for managing the delivery of the underground operation’s LOM operating costs estimate.
These are compiled at the level of accuracy required for the feasibility study gate release.

Implementation Capital Costs Estimate and LOM Capital Costs Estimate
Responsible for managing the delivery of the underground project implementation capital costs
estimate and LOM capital costs estimate. These are compiled at the level of accuracy required for the
feasibility study gate release.

Implementation Phase Costs Control
Responsible for managing the designing or development of cost control procedures and systems, which
need to be in place during the implementation. This includes making decisions on which cost control
the system must be used during the implementation phase and how this system will interface with the
accounting system to ensure proper financial records are kept at all time and furthermore, what change
control management systems must be in place to ensure proper governance.

Commercial
Responsible for addressing the taxation requirements relevant to the mining industry

Study Finances
Responsible for managing the feasibility study capital in line with the capital management governance

• IMPLEMENTATION PHASE ROLES AND RESPONSIBILITIES:
– Project Financial Control and Systems
– Project Accounting & Financial Reporting
– Project Life of Mine Business Plans
– Project Financial Models
– Project Business Case

Outcome:
The project was approved by the shareholders to go into the implementation phase at an estimated final
costs exceeding US$2bn.
Testimonial:
In November 2009 Ms. Pitsi Josephine Mnisi (Nee Rammutla) joined the Venetia Underground Project
(VUP), a major mining project of which I was the Project Manager. At that stage, the project was in the
Concept Study Phase and we placed Pitsi on-mine in order to learn the mine processes and procedures.
She learned very fast and before long was a highly valued member of the on-mine accounting team, in
addition to running the project accounts. She also managed the accounts of another mine rehabilitation
project in her spare time. This illustrates her capacity for quick learning and high work volumes. In the
more than ten years that I have known her, (a large part of this time she reported (directly to me) she
never balked at any task, and never complained of too much work, regardless of what was thrown at
her.

In March 2012, by which time the project had progressed through the Pre-Feasibility Study Phase and was
in the Feasibility Study Phase, Pitsi was promoted to Business Manager for the project. A year later the
project was approved at an estimated final cost exceeding US$ 2 billion. Pitsi had managed the business
and financial aspects with great diligence, good governance, and considerable innovation.
In addition to her full-time job, she also served on various committees and boards in her spare time,
contributing to the improvement in the working and living conditions of many others.
Pitsi is an accomplished Business Woman and after the corporate project phase of her life, in 2014,
she started her own consulting and corporate finance advisory company, which once again has gone
from strength to strength. She also has extensive corporate governance experience, having served on a
number of Boards and chaired a number of Board sub-committees.

Her strengths are perseverance, seeing the big picture, understanding of all disciplines in a project
(holistic approach), ability to work with others (team player) and calmness under pressure, over and
above the quick learning and high work rate illustrated above. She is strongly goal-oriented and driven
to succeed at whatever she does.

I have no hesitation whatsoever in recommending her company, Lynshpin Cedar for any consulting or
advisory services as I am confident that she will excel at whatever she sets her mind to, and that she
will put the knowledge she gains to good use. She behaves professionally at all times and does not
disappoint those who put trust in her

Chris Sivertsen
Former Project Manager Venetia Underground Project