AGM 13.11.18, page-68

Notes from todays AGM.

- SkyTem data analysis expected within the week. After getting the data in hand, an announcement will be made to market in the very near future. BB did say that some of the key preliminary targets are already being drilled.

- As mentioned already by a previous attendee, this projects viability is highly dependent on global cobalt price. The different figures plugged into the modelling gave big variations to revenue. Difference between worst case and best case scenarios were almost $1.5B

- By utilizing the Roasting option, a sulphuric acid bi-product is created which would also be saleable. Expected this would create similar credits to that from the Zinc.
Also with roasting, the need to grind the ore into 6 micron is eliminated. Much less grind required.

- The mention of large power upgrade to allow for a much larger plant and prevent any further future upgrades at later dates. They intend on including this in the updated study due March. Estimates of 12 Million USD for this upgrade.

- One thing Brendan mentioned and I would like to investigate is that another similar ASX stock released scoping study figures around the same day as CLA, with much higher predicted capex figures than CLA. With no questions asked by ASX as to how they intend on supporting project funding. Yet CLA were asked to provide information on how they intended to fund the project. Seems it can be hit an miss with who from ASX looks at the company announcements. Some want more info than others. Any idea who that was releasing those other numbers? May give us some indication of our figures as he said theirs were much higher.

All in all, Brendan spoke well as usual, he sounded confident in the project with discussions with potential JV / Offtake partners continuing. All be in at this stage just keeping these guys up to date. Full NDA between these partners will let them see the figures we already have. He knows the share price is suffering and at one point saying "if there are any questions shoot away"......Please don't actually shoot, which brought a laugh.

Also, having Katanga down next year is a HUGE benefit to this project as next year we were potentially looking at oversupply vs now a possible 2019 defecit.

Cheers