Ann: Malawi Government approves MDA for Kanyika Niobium Project, page-20

Following speaks for itself from the MDA very positive IMO.

• Globe is obligated to spend at least US$200 million to develop the Project and shall commence expenditure within 6 months of making a decision to mine.
• Globe will be exempt from import duty and import excise, and will be zero-rated for VAT, on the import of capital goods, consumables, and services throughout the life of the Project.
• Globe will enjoy the benefits of a stable tax regime for up to 10 years from the date of execution of the MDA.
• A formal application to the Commissioner for Mines and Minerals for an extension to the time limits from the date when the mining licence was registered, being: (i) 18 months for the commencement of substantial onsite mine development; and (ii) 60 months for the commencement of substantial mineral production, was lodged with the Ministry of Mines inFebruary 2023.
• Between 18 and 36 months after a decision to mine is made, ramping up to Feasibility Study levels by 60 months, Globe will take a phased approach to construction and operations to enable the Company to scale up operations to build its business and customer base starting at 90,000 tonnes per annum (18 months) increasing to 200,000 tonnes per annum (24 months)