Time for a Honest and Frank Discussion, page-5

This is an open letter to Mr John Lynch. John Lynch is one of the shareholders seeking to remove Paul Cholakos, the only independent director of CAP.

Dear Mr Lynch,

In your statement dated 9 December 2020 and release via ASX announcement today (10 December 2020), you state:

"I believe the Chairman instigated the Pure Metals consolidation"

Could you please let us know why you believe that Peter Graham instigated the Pure Metal consolidation?

You also state "The Chairman is adamant that “further change” is required".

Could you please advise what statements Peter Graham has made to you regarding further change being required? If he has made such statements to you, what further changes are proposed?

My concern is that you may have been provided with information that has not been made publicly available to all shareholders.

My other concern is that if further changes are proposed by Peter Graham, shouldn't shareholders be made aware of what changes are planned before we vote?

If I have overlooked something in the information publicly available, please let me know.