Ann: Kipushi Project - Leaching Engineering Study Completed, page-16

DGWA CFE Research Update (German language)

At the bottom of page two is written (translated from german language):

"The management of Cape Lambert is in advanced talks about the financing. Because of the attractive return ratios there are prepaid Offtake-agreements and other strategic financing structures discussed (beneath the classic forms of financing). A capital raising is not planned at the moment"


and further on page three:

"After the financing (just 50%) the Kipushi project is actually
with about 10% of its value priced in the shareprice of CFE (because CFE owns further investments next to EUR and FEL ) and thus absolutely undervalued. A
substantial portion of the profits from the Kipushi Project should be distributed as dividends to the shareholders. But this alone amounts to a shareprice of around US$ 0.10"