14 th June 2023Dear Esteemed Shareholders,I am reaching out to...

14 th June 2023Dear Esteemed Shareholders,I am reaching out to you today as the Company faces a pivotal juncture. As yourManaging Director it is with a sense of profound responsibility that I address youduring this challenging phase in the Company’s journey. I feel the burden of your trustand expectations on my shoulders and it is my fervent commitment to navigatethese stormy seas with determination and an unwavering resolve.First and foremost, I would like to sincerely thank all our Shareholders for theircontinued patience and support.Let me begin by sharing why I joined the Company. With over 40 years in the miningindustry, my experience encompasses many triumphs and successes that thisindustry endures. Triumph with the contract to supply housing technology for thePhilippine government. Triumph having been the Founding Managing Director ofNRW Holdings (ASX:NWH) and listing on the ASX for over AU$500 million. Triumphwhen NRW was recognised by BRW magazine as the third fastest growing privatecompany in Australia.My passion for ethical business practices and sustainable development in mining ledme to X64 under the invitation of the previous Executive Chairman. I wholeheartedlybelieved, and continue to believe, in the potential of X64 to generate profits and tomake a tangible impact and difference in the communities we operate. Furthermore,it can enable us to cultivate enduring relationships for a more robust and expansivecompany that delivers greater value for all involved.Why am I still here? Because I am committed. My unwavering commitment stemsfrom the fact that I am resolute in protecting the 30,000 individuals in the Philippineswhose lives are so intrinsically linked with our operations. I am resolute in protectingthe over 6,000 dedicated mine employees and contractors who work tirelessly dayin and day out for us. I am resolute in protecting our over 3,000 shareholders from allaround the world who include not just myself but our hard working staff members. Iam here to ensure that X64 remains true to its values
I would like to address various concerns that my fellow shareholders have quiterightly raised to my attention:Operational Audit and Suspension from Trading –As you are well aware, the Company is currently suspended from trading due to thecomprehensive operational review and audit commissioned by your Board. Ourobjective is to rectify legacy issues. We acknowledge your frustrations and anxietiesand share your sentiments. Rest assured that we are doing everything humanlypossible to expediate the completion of the audit so that your shares can resumetrading as soon as possible.On a positive note, our whistle blower policy, which was the catalyst for thiscomprehensive review has been, for the second time been proven effective inuncovering key issues. This reaffirms our commitment to integrity and transparency.Mr Raul Villanueva –Our terminated former in country President at your Co-O mine refuses to accept histermination gracefully. I want to assure you that his attempts to inappropriatelyassume control of the mine through questionable means are being addresseddecisively, with the Board taking action to protect the Company from suchmachinations. Furthermore, it is alarming that Vitrinite, their independent NomineeDirectors and supporters are outrightly aligning with him in these endeavours.Although we have encountered daunting challenges, my extensive career andnetwork equip me to navigate these troubled waters.Vitrinite and Nominee Directors –Regarding Vitrinite’s proposed independent Nominee Directors, it is crucial torecognize their lack of familiarity and experience when working in the Philippines.Their support for Villanueva and their campaign seemingly hinging on this alliance,highlights their naivety and a lack of understanding of the intricacies andcomplexities involved in operating in a foreign jurisdiction. Anyone who has workedin the Philippines would understand. With over 30 years experience working there, Iam deeply cognizant of the importance of building relationships with localcommunities, government entities and other stakeholders. I can assure you I havepersonally engaged with these key stakeholders and they have extended theirsupport.
Campaign of Misinformation and Fake News –Now, concerning the dissemination of information. I share your frustration at ourinability to openly communicate with you during this period. Regulatory and legallimitations together with geopolitical sensitivities have constrained us, while certainparties exploit this situation to spread misinformation and fake news. I deeplyunderstand the angst and confusion this causes among our shareholders. I wish toemphatically assure you that our silence is by no means indicative of complacency,inaction or indifference, but reflects our commitment to adhere to regulations thatsafeguard the Company’s integrity and long-term prospects. The Company’sintegrity and the tireless efforts of its team, will in due time, shine through the fog offalsehoods.We are immensely grateful to those shareholders who have the Company’s interestsat heart, who have communicated with us, providing insights and information on theunsettling tactics employed by certain parties. This collaboration is invaluable as wework collectively to steer our company through these challenging times.As we stand at this crossroads, let our decisions be governed by our moral compass.We need to always take into consideration the community in the Philippines, ourethical standards, and the true potential for Ten Sixty Four. Your continuedunderstanding, trust, support and patience are fundamental in these times. Let usremain united, as we ardently work towards a future where our company thrives, ourcommunities benefit and our shared values prevail.
JEFF MCGLINNManaging Director