Magnum enters into an agreement to take up a 50% share ownership...

Magnum enters into an agreement to take up a 50% share ownership of Middle East for Metallic Industrial
(Midmetal)
• It is intended that Midmetal construct and operate a Green Pig Iron Production Facility in the Kingdom of Saudi
Arabia
• It is also intended for Magnum Mining & Exploration Ltd to provide iron ore and biochar to the Green Pig Iron
Production Facility
• Costs associated with the construction and operation of the Green Pig Iron Production Facility will be shared
equally between the Shareholders of Midmetal
• A full financial model has not been completed at this stage due to the early phase the project is in and
regulatory constraints. The Board of Magnum are satisfied that the project represents a compelling business
case for development.

Under the Agreement, the Saudi shareholders of Midmetal agree to provide Midmetal 50% of the development funding by
way of a loan from the Saudi Industrial Development Fund or other investors. Magnum agrees to provide the other 50%,
also by way of a loan to Midmetal. The loans are to be repaid by Midmetal in within two years and at an agreed interest
rate.

Magnum and the Saudi shareholders have the right to appoint two directors to the Board of Midmetal from which pool a
Chairman will be appointed. After the Chairman’s first term, the chairmanship will alternate between the Shareholder’s
appointee. In future, the Midmetal Board will appoint a Manager to manage the Project for a fee to be mutually agreed.

“The maturing relationship between Magnum and Midmetal has landed on a shared vision of how HIsmelt and our Buena
Vista Iron Project can be developed in a strongly economic and sustainable way. The pathway forward is starting to
crystallise by bringing into focus the opportunities that Midmetal represents. The intimate relationship that a joint
shareholding facilitates will ensure the Project has the very best chances of commercial success. Magnum anticipates the
working relationship already established with Midmetal will continue to develop to the advantage of Magnum’s
shareholders.”
Mr Neil Goodman, CEO of Magnum.

Nice update, I think there is something substantial to follow, we will see. Things seem to warming up.