Ann: Half Yearly Report and Accounts, page-2

A reminder for those that haven't been paying attention.

And the price of Aluminum is still rising, making the best high grade bauxite project on the planet even better.

Minim Martap Project

The Minim Martap Project is a world classbauxite deposit located in the Adamawa region of Cameroon. The Minim Martap

Project encompasses two deposits, namely theNgaoundal and Minim Martap deposits, which are located within 25 km of

each other. The total area of the permits is1,349 km2.

The Project is located adjacent to theoperating rail line in Cameroon that runs directly to the Douala Port. TheDouala Port

is targeted as the operating port for theStage-1 development phase of the Project. The new Kribi Deep Water Port,located

in the south-west of the country, isoperational and can directly load post-Panamax and Cape Class size vessels. Itis

intended to utilise the Kribi Port facility forthe Stage-2 development of the Project and the Company is working with the

Government of Cameroon and interested partiesregarding the development of the rail extension to the Kribi Port.

The bauxite within the Minim Martap Project isa high grade, low contaminant bauxite that initial testing indicates issuitable

for both low and high temperature aluminarefining. The Company believes that the Minim Martap Project is the only

bauxite deposit of this scale and high grade,low contaminant nature located outside of Guinea.

During the half year ended 31 December 2020 theGroup has substantially progressed the Minim Martap Project through

undertaking the following activities andachieving the following milestones.

Pre-Feasibility Study

On 1 July 2020 the Group announced results ofthe Minim Martap Project Pre-Feasibility Study (PFS) for Stage-1 of the

Project’s development. The PFS demonstrated theMinim Martap Project’s potential as a long-term producer of very high

quality, low contaminant bauxite via amulti-stage development program utilising existing infrastructure in Cameroon.The

Group is advancing strategic partnership andoff-take agreement discussions with interested parties to accelerate the

Project development timeline.

Agreement with major engineering firm MCC-CIEfor BFS

On 23 December 2020 the Group announced theexecution of a bankable feasibility study (BFS) contract for Stage 1 of the

Group’s Minim Martap bauxite project, withleading Chinese engineering, procurement and construction (EPC) firm

Changtian International Engineering Corporationof MCC (MCC-CIE).

MCC-CIE is part of China Metallurgical GroupCorporation (MCC), which is a wholly owned subsidiary of China Minmetals

Corporation (Minmetals). MCC-CIE is one ofChina’s leading EPC companies and is a one-stop-shop for the project

development life cycle, incorporatingfeasibility studies, engineering design, metallurgical infrastructuredevelopment,

heavy industry projects and equipmentmanufacturing. MCC-CIE works extensively with leading banks in China and aspart

of the BFS scope will ensure that the BFS iscompliant to the requirements of those funding institutions. The scope of the

BFS work program will preserve broader fundingsource options for the Minim Martap Project.

The scope of the BFS contract includes the mineand port infrastructure. Australian-based Mining Plus who managed the

PFS has been retained to focus on Resource andReserve development and mining contract tendering, and to ensure

continuity of transition and learnings from PFSto BFS.

The Group is nearing completion of the assemblyof the BFS team of employees, consultants and partners and continually

holding in-country face-to-face commercial andlegal discussions with the representatives of the Government of Cameroon,

Camrail and the Port Authority of Douala.

Subsequent to the period end, on 9 March 2021the Group announced that leading rail engineering firm Vecturis has been

engaged to optimise the technical andcommercial rail solutions for the BFS.

Mineral Resource Upgrade

On 1 October 2020, the Group announced anupdated Mineral Resource Estimate for the Minim Martap Project of more

than 1 billion tonnes of high-grade bauxite,

Minim Martap Bauxite Technical Specificationsand Testing

During the half year ended 31 December 2020 theGroup led positive engagements with some of the world’s leading and

largest bauxite, alumina and aluminiumproducers.

Following various meetings with potentialstrategic partners, bauxite offtake parties and projectconstruction/service-related

companies, the Group received interest fromrelevant companies and end users regarding potential participation in the

Minim Martap Project development. Thesecompanies are looking to secure long-term bauxite supply and acknowledge the

scale and quality of Minim Martap bauxite,which offers high-grade and low contaminant bauxite which can potentially

improve the environmental footprint whencompared with typical standard grade bauxite.