a. Currently, Bawa-Rock is the only company to have fully complied with GoldBod’s Aggregator license requirements. This is why Bawa-Rock is the only company licensed by the GoldBod as an Aggregator as at now.

b. Given the fact that licensed Aggregators receive direct financing from the GoldBod, an Applicant for an Aggregator License must meet a strict set of governance, legal, operational and financial requirements.

These requirements include a minimum working capital of Two Million US Dollars (USD2,000,000), financial statements and operational experience for the three years preceding the license application.

All GoldBod license requirements can be found on the website of the GoldBod.

c. Of critical importance is the requirement of a Bank Guarantee or an Advance Payment Guarantee from a recognised

financial institution that accords with the insurance policy of the GoldBod and covers the full capital support the License Applicant seeks from the GoldBod.

This crucial requirement is not designed to

create a monopoly, but to serve as a necessary risk-mitigation measure to secure and protect public funds.

d. In 2025, a total of 31 companies applied for the GoldBod’s Aggregator License. None of the 31 companies, except

Bawa-Rock, met the most important financial requirement of providing a Bank Guarantee or an Advance Payment

Guarantee.

Bawa-Rock is therefore not a monopoly, but rather, the only company that has so far met the eligibility criteria for a GoldBod Aggregator license.

e. It is worthy of note, that before the PMMC transitioned into the GoldBod, and a new licensing regime was ushered in, the PMMC/GoldBod from February to June 2025 worked with three (3) main Aggregators including Bawa-Rock.

f. We wish to state emphatically that no applicant has met the requirements of the GoldBod Aggregator

license and has been refused by the governing board. Anyone with contrary evidence should share same with

the GoldBod and the public.

g. The license application and approval process is an on-going process and remains open to any entity interested in acquiring a GoldBod license.

h. The GoldBod is committed to the principles of transparency and fairness in its work. We are happy to work with any company that meets our eligibility criteria for Aggregator license. However, the GoldBod will not relax its risk-mitigating

measures instituted to secure and protect state funds just to increase the number of Aggregators.