Africo Resources Limited

completed

The proposed investment is the acquisition of up to C$8 million in shares in Africo Resources Limited (ARL), a company listed on Toronto Stock Exchange (TSX), and sponsor of the Kalukundi Cobalt-Copper Project. The project is currently at the feasibility study phase with on-going exploration activities to convert resources to reserves, on-going feasibility study work, and the up-grading of the environmental and social impact assessments to international standards. The feasibility study covers the potential construction of a green-field open pit mining operation with a mining rate of approximately 800,000 tonnes per annum (tpa) and cobalt-copper solvent extraction and electro-winning (SX-EW) plant to produce approximately 3,800 tpa of cobalt and 16,400 tpa copper over an initial 10 year mine life. The project is secured under an Exploitation or Mining License, issued under the DRC Mining Code of 2003.