1. January 2015 Strategy of a Junior Company on exploration and extraction

2. CREATION OF THE COMPANY  Convince the shareholders Favourable geology Competent management team Favourable socio-economic context  Convince the public authorities Technical abilities Financial abilities  Convince the general public Transparency Sustainable development, responsible mining

3. CONCEPTS  Prospected commodities W, Sn, … Nb, Ta, Li Cu, Pb, Zn, … Au, Ag, In, Ge … Au, Sb  Mining model (responsible mining) Focus on potential future underground mines Back filling

4. MINING MODEL  Economy “High grade” deposits => good command of the metallogenic models Medium to large tonnage deposits => assess the whole potential Adequate capitalisation => appropriate sizing of the infrastructures  Environment Minimised impact on ground => deep underground mining Back-filling method Water and energy-efficient method  Social Expected lifetime of more than 20 years Fostering local employment Post-mining activity: geothermal power plant?

5. CHOICE OF LICENSES  Large area, >100 km² Extensive preliminary metallogenic surveys High success rate (>10%) Acceptable environmental requirements A priori favourable social context (2 neighbouring departments can present opposite reactions)  Diversification Be less sensitive to metal price volatility Focus on critical commodities Enhance valorisation of all potential co-products

6. 6 APPLIED LICENSES LOCATION Source: Carte Minière de la France, BRGM, 1995

7. RESPONSIBLE EXPLORATION  Systematic exploration of the license Geochemistry: initial environmental statement (XRF) Geophysics (VTEM, …) Exploration drillholes Objectives : - 500 m, medium to large size deposits, 20 years of production  Appropriate budget : 8 to 12 M€ on 5 yrs on each licence  Technical communication Keeping continuously informed the general public, avoiding polemics Archiving data and results in a standardised format Cores storage and preservation © Fugro

8. COMMUNICATION  With the Administration Respect of the laws Take an active part in administrative simplification process (Mining Code reform, …)  With the public Major challenge: Change the image Communication in response to media inquiries Regular meetings with representatives and stakeholders (Chamber of Agriculture, Mayors, archaeologists, …) Meetings with “responsible” associations A new component: “serial opponents” (zadiste in French) or how to communicate with outlaws