To all long-term suffering and loyal ETM shareholders I have...

To all long-term suffering and loyal ETM shareholders I have received a direct response from Daniel Mamadou and am sharing his response below:

Thank you for reaching out and for your continued commitment as an investor, and I apologise for the slow response to your query.

We understand that your long-term investment has seen challenges and I’d like to provide you with an update on the Kvanefjeld project.

As you are aware, our project is currently subject to an arbitration process involving our subsidiary, Greenland Minerals A/S, and the Governments of Greenland and Denmark. During the recent quarter, we filed additional legal proceedings in Greenland and Denmark to protect our position regarding the rejection of the exploitation license for the project.

A key development occurred in late June 2024, when the Arbitration Tribunal in Copenhagen held a hearing regarding the governments’ request to bifurcate the case, which would involve deciding jurisdiction before considering liability and damages.

We have opposed this bifurcation, as we believe it is not feasible to separate the jurisdictional issues from the substantive legal claims. A decision on this matter we expected by the end of August 2024, but the respondents have been late in delivering their response. We are anxiously awaiting the outcome and we remain optimistic about the arbitration’s progress.

While the process has been lengthy, we remain committed to achieving a favorable resolution and securing either the exploitation license or appropriate compensation.

We appreciate your patience and ongoing support as we work through this critical phase.

Best regards

Daniel Mamadou-Blanco

Managing Director