4 NAP s I nv est ment A ttr active P GM Inv est ment Jur is diction NA P op er at es i n a s t ab l e p ol i t i ca l l an dsca p e w i t h l ow geo p ol i t i ca l r i sk and moder at e co st i nfl at i on co mpare d t o p ee r s i n So u t h A fr i ca an d R u ssi a Signi ficant Dev elopment Ex plor ati on Ups ide Exc ess mi l l an d p r odu ct i on sha ft ca p ac i t y exi st i ng i nfrast r u ct u r e p er mi t s gi v es NA P t he p ot ent i al t o co nv er t expl orat i on su ccess i nt o p r odu ct i on an d ca sh f l ow on an ac cel er at ed t i me l i ne Gr ow th Stra tegy to I ncr eas e P r oduction L ow er Ca s h Cos ts NA Ps mi ne of fer s p r odu ct i on grow t h w i t h a d ecr easi ng ca sh co st p r of i l e and expa ndi ng op e r at i ng mar gi ns Stron g Senior Ma na gement Team w ith Tr ack Reco r d of Op era tiona l Success Op er at i on al i mpr ov em ent s at LDI i mpl em ent ed i n 20 13 co nt i nu i ng i n 20 14 w i t h go al o f a chi ev i ng expa nded p r odu ct i on s an d l ow er co st t arget s PROPOSITION