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Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Boxer Retail (BOX) Measured move targeting = R91. Showing relative strength in the retail sector. Strong price action below multi-month resistance. Cup and handle / base breakout technical formation. An increase in volume at the breakout, will add higher conviction. Now trading at 7895c. Invalid below 7400c. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Diversified Miners is the standout leader on the board, maintaining relentless upward pressure from a High Bullish Long-Term trend through an Overbought Medium Term to remain High Bullish in the Short Term. Meanwhile, Telecoms and Banks showcase resilient momentum, anchoring firmly in Strong Short-Term regimes. On the weakening front, precious metals are visibly deteriorating, with Gold Miners and Platinum Miners breaking down into Weak Short-Term territory, joined by Coal Miners. Chemicals and Hospitals, despite earlier bursts of strength, have cooled significantly to consolidate at Neutral in the Short Term. Conversely, severely beaten-down sectors like Consumer Discretionary, Technology, Luxury Goods, and Consumer Staples are attempting to stabilize, clawing their way out of longer-term weakness to establish a Neutral Short-Term footing. Paper & Pulp remains firmly anchored in the Oversold basement, while Insurers are completely flatlined at Neutral across all timeframes. Key Sector Shifts Breakdown Sustained Strength: Diversified Miners remains heavily bid, dominating the highly bullish and overbought categories across all measured timeframes. Banks and Telecoms continue to hold firm with Strong short-term momentum. Deteriorating Momentum: Gold Miners, Platinum Miners, and Coal Miners are taking noticeable hits, fading into Weak short-term regimes. Cooling Off: Chemicals and Hospitals are taking a breather, stepping down from stronger long and medium-term trends into Neutral short-term consolidation. Stabilizing Laggards: Consumer Discretionary, Technology, Luxury Goods, and Consumer Staples have managed to stem their longer-term bleeding, transitioning to Neutral in the short term. Paper & Pulp remains severely depressed and Oversold. Flatlined: Insurers are trapped in sustained Neutral momentum across all three time horizons. Disclosure: The text above was written using an artificial intelligence tool and is based on the analyst's own graphic below. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: The graphic below was generate using an artificial intelligence tool, based on the analyst's own data. SUMMARY Core Thesis: HMY has experienced a major structural breakdown below its 200-day SMA. The current price action represents a relief rally advancing into declining overhead resistance. Trend Score: 28 / 100 The primary trend is actively deteriorating, characterized by aggressive bearish momentum and the broad failure of previous moving average support structures. PROBABILITY & MOMENTUM ASSESSMENT The current market structure presents a high-risk, corrective environment with heavily skewed downside probabilities in the tactical and structural timeframes. Daily (Tactical) - 25% Bullish Probability: Bearish momentum dominates; the current counter-trend rally is actively stalling at the 8-day EMA. Weekly (Structural) - 35% Bullish Probability: The overarching structural trend is broken, with price action consolidating below all major moving averages. Monthly (Secular) - 60% Bullish Probability: The long-term secular trend has sustained technical damage but is currently viewed as a deep correction of the prior multi-quarter run. TECHNICAL ARCHITECTURE & DYNAMICS Price slope dynamics confirm a transition from a primary uptrend to a structural breakdown phase. Moving Average Slopes (Daily): 8-Day EMA (Tactical): 16.83 — Descending 21-Day EMA (Momentum): 17.06 — Descending 75-Day SMA (Structural): 17.93 — Descending 200-Day SMA (Primary): 17.84 — Flat Price Slope Dynamics: Short-Term: Bear Flag Bounce Medium-Term: Structural Breakdown Long-Term: Deep Correction Candle Structure Profile: The 20-day lookback confirms a "Structural Breakdown Phase," resulting in lower highs over the last 10 days. The 5-day profile shows an oversold bounce from recent lows, evolving into a 3-day bear flag that is currently testing the 8-EMA (1-day profile). KEY LEVELS (SUPPORT & RESISTANCE) Resistance (Overhead Supply): 18.03 (21-Day High / Recent Breakdown Peak): Critical near-term resistance ceiling. 18.80 (63-Day High / Cycle High): Ultimate cycle top. Support (Demand Zones): 12.80 (21-Day & 63-Day Low): Primary base support and recent panic bottom. STRATEGIC POSITIONING Given the bearish alignment and deteriorating trend score, the actionable perspective leans heavily defensive. Mean Reversion View (Oversold Bounce): ⚠️ SELL RALLIES / REDUCE EXPOSURE. The current advance is viewed as a counter-trend relief rally. Momentum View (Bearish Alignment): 🛑 STAND ASIDE / SHORT WEAKNESS. Momentum remains firmly negative. KEY PIVOT SCENARIOS & CATALYSTS (What Can Change) Bullish Invalidation: A strong daily close back above the 200-day SMA (17.84) and the recent breakdown peak (18.03) on rising volume would invalidate the current bearish thesis, suggesting a bear trap and potential trend resumption. Bearish Confirmation: A clear rejection at the declining 8-day / 21-day EMAs followed by a decisive break below the recent panic bottom at 12.80 will confirm the transition into a protracted secular bear phase. Macro & Sector Catalysts: HMY remains highly sensitive to Spot Gold (XAU/USD) price action. Volatility catalysts include USD index strength, shifting interest rate cut expectations, and local operational updates. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: This content of this note was generated with an artificial intelligence tool, based on the analyst's own data. This excludes the price chart and price action model. This note, focused on the S&P 500 Index, considers the index from 3 angles: Bull-Bear Checklist Price Action Model Multi-Time Frame Momentum Analysis Bull-Bear Checklist Upside momentum remains robust, with consistent accumulation driving price action higher; however, the window for asymmetric, low-risk entries is rapidly closing. Buyers are currently dictating the tape, yet the overarching trend is maturing, evidenced by emerging signs of tactical froth and minor momentum overextension. Although secular moving averages maintain positive slopes and offer structural support, heavily elevated short-term oscillators suggest the asset is increasingly vulnerable to sudden shakeouts, lateral consolidation, or a healthy mean-reversion pullback to digest recent outperformance. Late-stage participants must exercise strict positional discipline and avoid chasing parabolic breakouts, while existing longs should consider incrementally tightening trailing stops. Price Action Model S&P 500 Index Price Chart Multi Time Frame Momentum Analysis Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Bear in mind, the share is already down from above R410 to R275. After Thursday's sharp sell-off, I DO NOT know to what extent the selling pressure will be via the institutions, therefore we wait for some sort of lower time frame stabilization to, with a reasonable degree, confirm that the selling has slowed. The share is approaching our provisional buy re-entry range however, it could OVERSHOOT this level, or not get there at all before rebounding. The price action model (as of Thursday's close) on the short term and medium term time frame, is pointing to the reward-to-risk becoming appealing for a BUY/LONG position. CLS Bull-Bear Checklist as of the close on Thursday (22 April): Previous Post (15 April): Clicks Group: Quality on Sale + Cheap on Relative Distance vs All Share Index Trading 35% below it's 200-week simple moving average relative to the JSE All Share Index. Technically, it's approaching value territory. Previous Post (03 March) Trading Clicks Group: Deeply Oversold (Short Term) + Stalking For A Buy Re-Entry! >>> Most recently the share reached the full downside target of R310. https://www.unum.capital/post/cls2701 Analyst's Price Action Model For some context, the weekly chart is showing signs of LONG TERM deterioration! Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za The broad market exhibited severe contractionary breadth at Wednesday's close, with an Advance/Decline ratio of 0.35. Long-term structural health remains robust with 60.7% of issues above their 200-day SMA. Intraday metrics warned of heavy institutional supply/fading after the open, as 69 names drifted lower from their opening prints. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za The JSE Top 40 Index is down by 5000 points. As mentioned on Sunday: "Traders who are looking to enter a new long at current levels risk a pullback from daily overbought conditions."  Previous Post (Sunday 19 April): JSE Top 40 Index / Broad Market Reward-To-Risk The index has rallied by 16% from our buy/long re-entry and is trading near multi-week highs. Traders who are looking to enter a new long at current levels risk a pullback from daily overbought conditions. It would be much more prudent to wait until the market retreats, consolidates and build a new base for the next leg higher. Be careful out there. Disclosure: The graphics below (excluding the price chart) were generated using artificial intelligence which is based on the analyst's own proprietary data. Lester Davids Senior Investment Analyst: Unum Capital