Ann: Exploration Update for Makan Bauxite Permit, page-2

Not the main Ann. we are waiting for, but a positive sign that things are progressing well in Cameroon

Exploration Update for the Makan Bauxite Permit
Highlights
 Resource definition activities have commenced on the Makan Permit
 The priority will be the identification and definition of long-term Direct Shipping Ore (DSO) options
 This program will also secure the Makan Permit under terms granted in February 2022
 Recent meetings with the Prime Minister of Cameroon, the Minister of Mines and the Tibati Lamido
have all been positive and give the Company confidence in the Mining Convention application

Progress regarding the Mining Convention
As part of a recent trip to Cameroon, Mr Jean Sebastien Boutet had the opportunity to meet with the Prime
Minister of Cameroon, Mr Joseph Ngute. Prime Minister Ngute personally expressed his support for the
project during the meeting. In addition, the Tibati Lamido, an important community figure and local leader
of the Tibati region, travelled for 12 hours to personally meet with the Prime Minister to formally express his
support for the Minim Martap Bauxite Project.

"Chief Executive Officer, Jean-Sebastien Boutet said:
“Our Camalco team on the ground in Cameroon has diligently been working to ensure that we maintain the
research lease to the Makan Permit neighbouring our flagship Minim Martap Bauxite Project. The Makan
Permit has excellent prospectivity to host significant bauxite mineralisation but given the past exploration
and definition success on the neighbouring Minim Martap Permit, it has not been necessary to explore as
extensively. The Company aims with this program to improve our understanding of the orebody within the
Makan Permit which ultimately aim to add additional years to the mining schedule released as part of the
Bankable Feasibility Study for the Minim Martap Project. At the same time, this work will satisfy the
requirements for minimum expedition to maintain the Permit.

“In parallel, during a recent site visit to Cameroon, multiple productive meetings have been held with the
Prime Minister of Cameroon, the Minister of Mines and the Tibati Lamido. The Tibati Lamido has personally
met with the Prime Minister in support of the Company’s Mining Convention application. This is a highly
supportive gesture from a high-ranking dignitary in Cameroonian culture.

“We will continue to lobby at all levels of government for the signing of the Mining Convention and while we
haven’t yet received the signature we wanted during this trip, we have been pleased with the positive
reception and progress on the ground.”"