CONICO LTD (“the Company”) – ASX PRICE QUERY We refer to your...

CONICO LTD (“the Company”) – ASX PRICE QUERY
We refer to your letter of 20 February 2017, and in relation to the questions raised by you concerning
recent change in the price of the Company’s securities, we comment as follows:-

1. Is the Company aware of any information concerning it that has not been announced to the
market which, if known by some in the market, could explain the recent trading in its
securities?
No.
2. If the answer to Question 1 is “Yes”:
Not applicable.

3. If the answer to question 1 is “no”, is there any other explanation that the Company may have
for the recent trading in its securities?

• Conico Ltd (ASX: CNJ) has a 50% interest in developing the Mt Thirsty cobalt-nickel
oxide deposit 20km NW of Norseman in southern Western Australia. The Company has
historically believed and stated publicly that it sees the Mt Thirsty deposit as having the
potential to be a significant cobalt producer.

• 50% JV partner Barra Resources Ltd (ASX: BAR) currently has a market capitalisation of
approximately A$50 million based on a share price of 12 cents. This compares to a market
capitalisation of approximately A$21 million for CNJ based on a 7.3 cent share price.

• The Cobalt price has appreciated significantly in the last 12 months from just under
US$22,000 to US$44,000 per metric tonne (cash buyer).

• The Company notes increasing equities market attention this year around cobalt related
companies, generated from higher investor awareness now that cobalt is a key ingredient
along with lithium in the new and much touted lithium ion battery sector globally.

• The Company notes also a number of specific recent media articles promoting cobalt’s
upside, as well as a number of corporate transactions involving cobalt specific listed
entities and their projects.