Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-4

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POSITIVE SCOPING STUDY COMPLETED ON OPUWO COBALT PROJECT
HIGHLIGHTS
• Scoping Study confirms potential for a large scale and long-life operation.
• Preliminary mine planning completed, examining various open pit and underground mining scenarios.
• Sulphide concentrate produced from standard flotation methods.
• Project to produce refined products including cobalt sulphate (or hydroxide/metal), copper metal and zinc sulphate by either autoclave or roasting methods, with the roasting method used as the base case for the purpose of completing the Scoping Study.
• No deleterious elements identified that would affect the saleability or price of products.
• Infrastructure components to leverage off existing regional infrastructure, including hydroelectric power and network of sealed roads.
• Commenced high-level discussions with prospective offtake partners.
• Pre-Feasibility Study (PFS) to commence immediately, scheduled for completion in Q3, 2019, including investigation of identified value engineering and process optimisation opportunities and the incorporation of an updated Mineral Resource Estimate, expected later in 2018.