Ann: Investor Briefing Webinar Presentation, page-12

On the bright side:
- High confidence on CRS Ingeneria to prepare the open-pit permits. The firm has a lot of experience, also in the same area with the Corcoesto gold project.
- Open-pit project has great potential for a number of reasons, including high likelihood of a positive EIS given that the area is already affected by quarry. Yet, keeping some token activity in the underground mine is critical in the meantime, to avoid losing existing tenements.
- Quarry blocking further drilling may be an opportunity, encouraging exploration in less known areas of the tenements. Underground drilling also being considered.
- Although lack of water discharge permit is problematic, having a fully permitted mine with a 2011 project and restoration plan lacking the nuisance of EIS conditions and monitoring is an absolute rarity in Europe. Same is true for a financial assurance of just 70k euros for closure.
- Highly competent GTT lawyers were able to secure against the odds a court decision to stay proceedings re environmental crimes. Police carrying out investigation were sympathetic to the mine and their reports very helpful. Downside is that now that the court stayed criminal proceedings the administration will continue with a sanctions re same charges, but likely only leading to a small fine and obligation to obtain discharge permit.
- Still slightly confused about the farm-in agreement re the Corcel Ni-Co-Cu project within GTTs tenements after Steven’s comments last week. Couldn’t get clarity on this from the manager, but the Swedish farmor has recently announced assay results indicating a potential deposit of 60 million tonnes with 0.25% nickel. Given that this is happening within GTT/RFR tenements and as part of the Santa Comba annual mine work plan (paid by RFR) this is a great opportunity, particularly if there’s no binding agreement prevents us from kicking the Swedes out. Would also be highly complementary to Canadian assets.