Investment Objectives, Scope and Policy

Investment Objectives

The Group, either alone or with other parties, participates in investments falling within the Investment Scope, following advice from Pallinghurst (Cayman) GP L.P. (the “Investment Manager”). The principal objective is to provide shareholders with a high overall rate of return.

Investment Scope

The Group monitors opportunities across the commodities spectrum, with a primary focus on underperforming assets, businesses that lack direction, are poorly managed, stranded or distressed. The Investment Manager seeks to develop strategic platforms in pursuit of consolidation, vertical integration, turnaround opportunities and expansion projects. The Group targets investments in businesses that hold mines, smelters, refineries and processing plants. The preference is for brownfields opportunities, although investments in businesses with attractive development opportunities are also considered.

Investment Policy

The Group invests in accordance with the Investment Scope as detailed above. The Investment Policy has not changed since the Company’s inception.