Open Letter to TerraCom Board of Directors and ShareholdersDear...

Open Letter to TerraCom Board of Directors and ShareholdersDear Board Members and Fellow Shareholders,

I write to you today as a concerned stakeholder in TerraCom Limited, driven by an urgent need foraccountability and decisive action in light of the company's catastrophic share price collapse.

Since 31 December 2022, TerraCom's share price has fallen by an astonishing 94%and by 86% inthe past 18 months alone.

This is not simply a reflection of broader market volatility or cyclicalcommodity challenges. This is a direct failure of leadership.

The Hard Reality: TerraCom's Value Has Been DestroyedWhile other players in the sector have navigated headwinds and preserved value, TerraCom hasfallen into financial and operational free-fall.

The reasons are clear:

- Strategic Paralysis: No credible diversification plan, no energy transition roadmap, and no visionfor sustainable growth in a rapidly evolving market.

- Operational Underperformance: Repeatedly missing production targets, rising costs, and a patternof overpromising and underdelivering.

- Governance Breakdown: A board that has failed to hold management accountable, allowingexecutive underperformance to persist without meaningful intervention.

- Capital Mismanagement: Cash reserves have been squandered, debt levels remain unsustainable,and shareholder equity has been systematically eroded.

- Poor Market Communication: TerraCom's investor relations have been opaque, inconsistent, andlacking transparency further destroying market confidence.

- Culture of Disengagement: A breakdown in leadership culture has led to key talent departures andlow morale across the organisation.

A Call to Action

TerraCom's leadership has had ample time to course-correct. Instead, they have overseen thedestruction of nearly all shareholder value. It is now imperative that the board take immediate actionto:

1. Hold Executives Accountable: The CEO and senior management must be held responsible for thecollapse and a formal leadership review must be initiated.

2. Overhaul Strategy: A credible, transparent, and forward-looking plan must be presented toshareholders, addressing diversification, operational improvements, and financial sustainability.

3. Rebuild Trust: Leadership must commit to clear, regular, and honest communication with the market including operational updates, financial health reports, and recovery milestones.

4. Restore Shareholder Value: A plan must be implemented to stabilise operations, manage debt,and position TerraCom for long-term recovery and growth.

Next StepsAs investors, we have the right and the obligation to demand better. If the board fails to act, we mustconsider all available avenues to protect our remaining value, including:

- Requesting an extraordinary general meeting (EGM)- Voting for a leadership spill

- Exploring legal remedies where fiduciary duties have been breachedTerraCom's future is at a crossroads.

I urge the board to demonstrate the leadership that has beensorely lacking and take decisive action now.

Sincerely,

VerySmartGirl and or Nom

Very Concerned Shareholder Representative