Ann: Spectrum provides update on VMC claim, page-2

Spectrum provides update on Venus’ claim
Further to its announcements dated 10, 18 and 25 October 2019, Spectrum Metals Ltd
(“Spectrum”) advises the market that the proceedings commenced by Venus Metals Corporation
Ltd (“VMC”) were before the Supreme Court of Western Australia yesterday morning for
directions following receipt of VMC’s statement of claim. Venus served its statement of claim on
SPX at 7.47pm on the last day permitted by the Rules of the Supreme Court.

Spectrum will file its defence by 11 November 2019.

Spectrum is doing all things necessary to ensure the matter is able to proceed to trial as soon as
possible and, consistent with this plan, at the instigation of Spectrum, the Court made orders
today reserving 8 hearing days from 3-12 March 2020 for a trial. The Court also made orders for
discovery and outlines of evidence from the parties’ witnesses.

Furthermore, a strategic conference was also listed on 22 November 2019.

The Board of Spectrum reiterate their position that the claim made by VMC will be vigorously
defended.

Spectrum anticipates it will be in a position to provide a further announcement after the strategic
conference.