a. Off-Take and Funding Negotiations
On 22 June 2017, the Company announced that it had appointed UK-based strategic advisor
Metals Risk Management Limited to assist it with finalising its concentrate offtake and
funding arrangements for its copper-cobalt projects. Metals Risk Management is a specialist
risk advisory company providing independent guidance on price risk management, including
concentrate offtake agreements and sales and commodity linked funding structures.
Following discussions with trading companies, several requested that the Company produce
and deliver to them sample concentrate lots in order that they could undertake their own
analysis. Further tailings sample was collected and dispatched to Axis House in South Africa
for the production of the sample lots. Two sample lots have been recently dispatched to the
trading companies, with two additional sample lots still in the process of being produced
(dispatch expected early February 2018). Once the trading companies have completed their
own analysis, terms for potential offtake agreements will be discussed.
b. Strategic Investor
During the quarter, the Company was invited to China for meetings in Beijing, Shanghai and
Hong Kong to negotiate strategic investment and partnership over the Company's planned
production of cobalt and copper in the Democratic Republic of Congo and from its Kipushi
Cobalt Project.
In addition, the Company, in conjunction with Metals Risk Management Limited (MRM), its
UK based strategic advisor held discussions with several major international trading groups
based in Switzerland, the United States and Europe during the London Metal Exchange
Week which was held in November 2017.