Ann: Notice of Annual General Meeting/Proxy Form, page-7

The MSB and LPI project team are working closely with CODELCO’s advisors and technical team to finalise the
terms of a definitive agreement that maximises value for our Shareholders. We expect completion to
occur by the end of 2020.
Meanwhile, the Engineering, Procurement and Construction (EPC) bidding process has advanced. Two
major global engineering groups, Worley Parsons and Bechtel, each submitted comprehensive
construction proposals. Evaluation of these proposals is being conducted by the Company and MSB’s
advisory engineering company. Further information has been requested before a final decision can be
made.
Financial structuring for the project continues and is expected to be concluded once the CODELCO JV
has been finalised. Discussions with parties on project funding - equity and debt - and off-take
agreements have been held during the year. The Company is confident this work can be concluded after
the CODECLO JV is finalised