There is always a risk of something leftfield like a low ball...

There is always a risk of something leftfield like a low ball takeover or a de-listing. I'd have thought having Nobel on the register would decrease these risks, but yes a deal could potentially be done between the two groups to takeover the company.

The appointment of Mick and Russel to the board are two quality appointments. This says to me that they are serious about the buildout of the infrastructure and to become a miner of note. Mick started Terracom and has Mongolian experience with their small non-core BNU mine. Russell has experience working for large miners and also for the contractors. Russell has led international teams commissioning several open cut mines and infrastructure to world class standards in Australia, Mongolia and India. ($50m - $1b projects).

With these latest appointments, the opening of Mongolia after COVID, and the latest approvals, It appears to me a step change in momentum is about to happen. Below are some highlights from Mick and Russel's experience.

Michael Avery

Mr Michael Avery (Mick) has been involved in the establishment and management of successful public and private companies in mining, exploration & development, mining consulting services and mining contractor services.

Mick is a 30 year plus mining industry veteran with a Bachelor of Mining Engineering and a Master of Business Administration. He is also a qualifiedAustralian Coal Mine Manager and a member of the Australian Institute of Miningand Metallurgy.

Mick has worked for blue-chip mining and contracting companies (including Rio Tinto, BHP Billiton and Brambles) at operations and projects both in Australia and internationally. These roles covered the full life cycle of open cutand underground mines from resource exploration and evaluation,through to conceptual design,pre-feasibility, feasibility, construction, operation and management.

Mick has also held executive level positions in the mining sector, including serving as a director on both public and private company boards. He has held positions of Managing Director and Chairman. Of note, Mick was the founding ManagingDirector of TerraCom Limited (ASX:TER).

Mickhas international experience in the mining sector outside of Australiaincluding Mongolia, Indonesia, China, the USA, South Africa and Madagascar.

Russell Taylor

Mr Russell Taylor is a qualified and experienced Mining Engineer, ProjectDirector, General Manager and Mining Executive. He has worked for both largeglobal resource companies (BHP, Peabody, Reliance Power, Mineral Resources andIdemitsu Australia Resources) and international mining contractors (Thiess,Leighton Asia, Macmahon, Downer and BUMA Australia). Russell has experience inCoking Coal, Thermal Coal, PCI Coal, Mineral Sands, Copper/Gold, Iron Ore and Lithium commodities.

Russellhas led international teams commissioning several open cut mines andinfrastructure to world class standards in Australia, Mongolia and India. ($50m- $1b projects).

Russellholds a Master’s Degree of Engineering Science - Mine Planning and Design,Curtin University (2006), a Diploma of Engineering (Surface Mining), QueenslandMining School (External Student) (2000) and a Certificate III in SurfaceMining, Queensland Mining School