Ann: Salobo West Drilling Licence Update, page-82

Between 0.016 and 0.013 100 mil were traded today and to close 0.015 based on this.

The current interpretation and ICMBio’s decision likely means that the process to secure the required clearing and drilling licence for the area will take longer than originally anticipated, and therefore the Company is unlikely to be in a position to commence its maiden diamond drill program at Salobo West in August 2018 as planned. The Company will continue to advance the Project by undertaking further non‐ground disturbing activities. This work, which is permitted under the current access licences as granted by ICMBio in the second half of 2017, will include further soil sampling and ground‐based geophysical work with the aim of identifying additional new drill targets and further enhancing the existing drill targets over the extensive and highly prospective project area.