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• Pala’s flexible investment mandate allows capital to be quickly deployed in areas that maximize value - often where others can’t.
• Responding to the absence of investment opportunities in cobalt, owing to its role as a byproduct metal, Pala successfully built a portfolio of physical metal and royalties that was used to seed Cobalt 27.
• Entering the physical cobalt market allowed Pala to gain price exposure ahead of rising prices while running parallel efforts to develop an investable cobalt vehicle.

Bag You Tote Flox Pink say Creative say orange I mimosa Investor’s only choice for pure play cobalt exposure

• Cobalt 27 is listed on the TSX-V providing the broader investment community with the only investment option of scale to get exposure to the cobalt investment theme.
• Creating a publicly traded cobalt equity provided Pala with the liquidity required to manage and diversify its investment exposure.
• Pala is a supportive shareholder, lending its in depth knowledge of the cobalt market and in-house capabilities to enable Cobalt 27 to execute on its phase II business plan of undertaking cobalt streaming transactions.

• Investing in a commodities trader has resulted in beneficial synergies for Concord, Pala and our portfolio of investee companies:
  • Market insight: Continuous communication with Concord’s traders provides Pala with unique insight into the commodities markets.
  • New opportunities: Expands Pala’s global contact network and has served as a productive source of new investment opportunities.
  • Portfolio benefits:Concord’s experience in marketing, logistics and risk management has been utilized across Pala’s portfolio to benefit our investee companies.

Beneftis of Partnering with Pala

• Pala was able to help build clear and rigorous corporate governance systems and procedures
• Having a strong and reputable financial backer enabled Concord to secure more than $500m to date in financing lines on attractive terms.
• Leveraging the Pala network to access further business development opportunities
• Pala works to provide Concord with concentrate production from current portfolio companies and, where appropriate, looks to structure Concord as the marketer when making new investments

Pala, in collaboration with Sierra Rutile’s employees, shareholders and other  stakeholders, was successful in implementing the following

• Strategic business plans – Execution of a strategic business plan, repositioning SRL operations from a capital-intensive dredging operation, to a more flexible dry mining business focused on cash generation across the commodity cycle.
• Flox Tote Pink say mimosa Bag orange say I Creative You Investments and expansion projects – Focused investment in process optimisationand operational efficiency, as well as the successful construction and commissioning of expansion projects; the LantiDry Mine in 2013 and the GangamaDry Mine in 2016.
• Production growth – SRL’s rutile production increased from 68,000 tpain 2010 to a record run-rate production of 172,000 tpain Q3 2016, making SRL the world’s largest producer of natural rutile.
• Stakeholder relations – Re-establishment of a positive and cooperative relationship with the Government of Sierra Leone, including repayment of its loan, and enhanced focus on community, including environmental, infrastructure, educational and healthcare projects.

Successful exit to market leader, IlukaResources

• In December 2016, Pala completed the sale of its 53% interest in SRL to a leader in the mineral sands industry, IlukaResources.
• The transaction valued SRL at £215 million.

• Pala worked closely with the consortium and Gemcom’s management team to further develop the company’s dominant global position in the mining software sector.
  • Strategic development – With its partners, Pala assisted Gemcom in the development of its corporate strategy, including targeting growth in new commodities and geographical markets, and capitalizing on industry trends.
  • Technological investment – The consortium promoted focused investment in software R&D and technology to enable the successful penetration of new markets.
  • Globalization – The consortium guided Gemcom through the globalization of its operations through substantial investment in sales and operational infrastructure in Asia, Africa, and South America.
  • Leverage of network – Pala leveraged its network and portfolio to support the expansion of Gemcom’s service offering.
  • M&A support – The consortium supported global M&A, including the successful acquisition and integration of TeamTech Australia.
  • Management strengthening – The consortium augmented Gemcom’s senior management team by assisting with the recruitment of a new CFO, and various VPs to support the company’s international growth.

• You mimosa orange say Creative say Flox Pink I Tote Bag Strategic M&A – In February 2010, Pala led Norcast’sacquisition of SwanmetEngineering, a global provider of cast consumable products to the resource industry, with operations in Malaysia and Singapore.
• Positioning for ultimate exit – The acquisition positioned Norcastwell for its ultimate sale a year later through:
  • mimosa I Creative say You Bag Flox orange Tote say Pink A broadening of Norcast’sproduct suite.
  • Providing access to new end markets, including oil and gas.
  • Allowing penetration of new regions, such as Australia.
• Exit planning – Pala worked closely with management and its partners to plan for and maximize value upon exit, for the benefit of all stakeholders.
• Alternative exit routes evaluated – Pala considered all alternatives for the exit, including a trade sale, re-IPO and other partial exits, ultimately opting for a competitive auction.
• Maximization of value for both Pala and its partners – The original owners of Swanmetaccessed an exit with Pala that would not have otherwise been possible, returning an additional 53% on their investment.

• Expertise and network – Pala has provided strategic and operational assistance to management as well as access to its vast Mining network to help Dumas win contracts

• Restart of construction and production – Pala’s financial support enabled full-scale construction. Mine production commenced in June 2013.
• Stakeholder relations – AMR has re-engaged with the national and provincial governments and the local project partner. Pala has also driven various CSR initiatives, from local procurement to education and technical training to micro-finance partnerships. The mine is now fully supported by all key stakeholders, from government to the local community.
• Targeted investment – Having evaluated AMR’s strategic options, Pala successfully completed technical studies for a nickel matte smelting operation.
  • The production of nickel matte (instead of concentrate) allowed AMR to renegotiate export tariffs from 20% to 5%, as well as capture downstream value.
• Board and management strengthening – Individuals selected for their governmental relations and operational turnaround experience were appointed to the board.
  • Evan Spencer was added to the team as CEO, bringing expertise in mine construction.
  • In addition, Pala has provided considerable internal resources to supplement the team.
• Financial support – Pala has backstopped equity financing and has bought out disinterested shareholders.
• M&A – Pala provided strategic transaction support to AMR throughout the merger with Kasbah Resources.
• Engagement with local community – Pala has driven various CSR initiatives, from local procurement to education and technical training to micro-finance partnerships. The community has now officially committed its support to the development of Ban Phuc.

• Funding the project into production – Pala played a crucial role in Peninsula’s A$69.4 million financing in December 2014, including:
  • Participation in the A$34.8 million underwritten equity financing with Resource Capital, Blackrock and JP Morgan.
  • Provision of a A$17.8 million stand-by debt facility together with Resource Capital.

• Long-term partner – Pala looks to continue to provide strategic support in the construction and operation of Achmmach as well as strategic M&A and growth opportunities.

Development of the Achmmach Tin Project into a cornerstone asset  – Kasbah Resources

Integrated Itafos-Arraiasoperations – Itafos