May 3rd 2018 1. Award key contracts for Montepuez Stage 1 2. M1...

May 3rd 2018

1. Award key contracts for Montepuez Stage 1
2. M1 construction & commission by Q4 2018
3. Balama Feasibility Study (B1) Q3 2018
4. First Concentrate shipment Q1 2019
5. Montepuez stage 2 construction Start Q2 2019
6. Updated Resources/Reserves all projects
7. Additional offtake agreements for M2
8. complete financing

Versus June 27th:
Next 20 Months (slide 19)
• Finalise debt and equity funding for Montepuez Stage 1
• Complete early stage site works, camp, roads and civils
• Delivery of long lead items to site
• Balama Feasibility Study
• Resource Updates
• Complete construction and complete commissioning
• First Exports
• Complete ramp-up
• Nameplate capacity for Montepuez Stage 1

2 months disparity between A and B above: It’s like ‘Carry On Regardless’ - today should be an ‘explanation exercise’ wtf is going on? Really? Preso after preso with nice piccies and fluff is just BS. Time to answer management.

Where is the plan? In time versus options
What are the options? (likely or concrete)
What is the true market assessment and it’s effect on the company?( EV Central isn’t making a difference here )
How long will our current funding last? And what are we to achieve in that time?
Etc. etc.

Frustrating.