Ann: Chairman's Address to Shareholders, page-19

I have written this down as my summary of the meeting and I hope it is all accurate, but a lot was said and if there are any mistakes then apologies. Also I am not a geo so a lot of this is still learning for me so this is my summary and opinions that I am sharing and not advice.

Some of the key points for me were (in no particular order)...

• fully funded for 2018 exploration programs
• iron ore assets to be divested, and hopefully this year which will boost our coffers yet again. Due to logistics it is suitable for the local industry steel mills.
• so cash wise we are ok for now and have ongoing discussions re: the iron ore assets
• there was a question about how CTM has managed to get these leases from under Vale's nose. I didn't realise the extent to which Vale have ownership in this region, they have controlled 90% of the province for 50 years.  The govt is opening up to other companies to mine in the area now, Vale has many areas just sitting on and govt wants them mined (royalities). The connection CTM have with Terrativa is key, and there is a good working relationship between them.
• govt is interested in royalties rather than ownership

ITAPITANGA

• drilling next 3/4 months for Itapitanga, and hoping for initial RC results by end of month
• forms southern extension of the ultramafic-mafic intrusive complex that hosts the Jacare deposit (307 Mt ... they said at meeting how much producing each year and was incredible amount but didn't write down)

SOLOBO WEST

• solobo west is where a lot of interest lies
• will change direction of drill holes when they drill
• thought drilling commenced here in Q3 but in one section just read says Q2 so will need to double check facts here
• SW1 - B  the central zone/ Serendipidade has strongest copper gold soil signature
• Anglo didnt get to target before had to leave due to rainy season coming, and then lease expired.
• SW2 ... particularly focusing on NE corner

PEBAS

• interest in potential fault zone

CTM have over 250 square km within the world class Carajas Mineral Province which has 10 IOCG deposits with resources of  +100Mt Cu-Au, inc 6 with +300Mt ... total of over 4Bt of Cu-Au. We only need a sniff of results anything like these to see considerable increase in market cap.

Vale owns +1,100 square km in the Cinzento shear zone and so far no other company holds significant tenure, but that looks to be changing. CTM granted tenure of 120 sq km, which covers 70 km sq of the Itacalunas Supergroup.

I think they mentioned another land package they are looking at too, but not 100% on that.

There is untold potential for the land they have, but at end of the day it's the drill results we are waiting on to confirm the potential. Is going to be incredibly exciting year imo as we have drilling and results due from different areas for different targets at different times so it will be an ongoing period of discovery. Certainly no one trick pony!

There was also an area they are quite interested in testing when they move the drill, want to sink a couple of holes to have a look, however didn't write that down either.

So these are some points that i thought were interesting, a lot of it is covered in released documents. We certainly felt very comfortable with our investment as we left. Spoke a little bit to them afterwards and found them very approachable. Also had a bit of a chat with the one of the largest shareholders and his confidence was reassuring too.