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Pala Investments

An investment company focused on value creation in the mining space

Who we are

Pala is an investment company focused exclusively on the mining sector, backed by a team of accomplished professionals and a track record of success.

Mining sector expertise

• Pala has a team of accomplished mining industry professionals drawn from

around the world.

• The team includes specialists and technical experts with skills in finance,

law, consulting, mine engineering, mine planning, metallurgy and geology.

• Pala uses this diversity of skills to help its partners create value throughout

the mining life cycle, from project development and operational turnaround through to operational management and M&A.

• Pala also invests in products, services and technology in the mining sector in

both developed and emerging markets.

• Deep relationships in the mining, investment and advisory world allow Pala

to assist its partners in developing business connections, raising finance, delivering transactions and strengthening management.

Track record of success

• Pala was founded in 2006 and, since inception, has invested in 87

companies in 25 countries across six continents.

• Pala works in partnership to unlock value by:
• Providing long-term capital for development, expansion and
• ptimization.
• Providing capability in strategic and corporate development.
• Identifying M&A opportunities and assisting with transactions.
• Helping its partners augment their board and management team with

high quality professionals, sourcing skills from its global network.

• Planning and executing exits for the benefit of all stakeholders.

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With its experienced team of mining professionals and a strong track record of successful investments, Pala is an ideal partner for mining companies looking to maximize shareholder value.

Mineral sands product storage – Sierra Rutile, portfolio investment

What we invest in

Pala invests in development and production stage mining companies, as well as products and services that serve the mining sector, globally.

Mining companies

• We consider investments in mining companies where a value catalyst is

projected within the short to medium term.

• Producing assets – particularly those with expansion or optimization
• pportunities.
• Development stage companies – where cash flow generation is

expected within a modest period of time.

• Turnaround situations – Pala partners with troubled, under-

appreciated or over-looked businesses looking to realize their potential.

• Pala invests in all commodities and all geographies where value-creation
• pportunities exist.

Mining products, services and technology

• In addition to primary mining investments, Pala also invests in products,

services and technology for the mining sector.

• As investors in products, services and technology, we look for opportunities

that offer the potential for:

• Organic growth, including geographic expansion and entry into new

markets.

• Development of new or disruptive products and technologies.
• Growth through M&A.

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Pala is focused on opportunities where it can work with its partners to realize value accretion within two years from initial investment.

Specialist underground mine services – Dumas, portfolio investment

How we invest

Pala is flexible in its approach, investing in equity, debt structures, convertibles, and product streams, globally.

Equity

• Pala mainly invests in equity, and generally looks for control positions, either

alone or with like-minded co-investors.

• In equity situations, Pala's partners maximize their leverage to Pala's

strengths.

• Pala’s partners can make use of Pala’s team of professionals on a

range of value-creative projects.

• Pala’s partners can take comfort in Pala’s long-term, fundamentals-

based approach to equity investing.

• To fully align interests with management teams, Pala looks to incentivize

with rewards strongly levered to performance, including shareholder returns.

• Pala can deploy equity capital in a wide range of structures, including:
• Block sales & capital raises.
• Buyouts and tender offers.
• Restructurings.
• Asset disposals and JVs.
• Warrants and options.

Debt structures and product streams

• Pala invests in a variety of debt structures, including mezzanine

instruments, convertibles and debt & warrant packages.

• Such structures are attractive to companies with high-risk, high-reward

projects where conventional equity or debt markets are difficult to access.

• Pala is able to be flexible and innovative with the terms of its debt

investments, allowing growth projects to be developed and

• ptimizations to be implemented, even when economic conditions are

unfavorable.

• Pala also invests in royalties and product streams.
• Pala provides financing packages linked to future product streams

from development projects.

• Pala is also able to acquire existing product streams from producing
• perations, allowing companies to monetize future cash flows.
• Such transactions provide alternative financing routes to dilutive equity

issuances or difficult-to-service debt.

• Streaming deals can be highly value-accretive for companies,

particularly in markets when share prices are weak.

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Pala can invest in a range of structures, in both public and private companies, and across both developed and emerging markets. Liquid portfolio

• In addition to strategic equity, debt, and product streams investments, Pala also has a portfolio of liquid positions.
• This liquid portfolio comprises investments in commodities, currencies, equities, fixed income, and derivative structures.
• The portfolio allows Pala to hedge its strategic investments, as well as actively trade, according to macro trends affecting the mining world.

Track Record

A strong track record of forming partnerships with management teams, boards and shareholders to create long-term value

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Case study – Executing turnaround

Our long-term investment horizon enables us to look through near-term challenges faced by companies, and instead focus on fundamental value. This philosophy has been a key component of Sierra Rutile’s successful turnaround.

History

• Pala acquired a 30% stake in Sierra Rutile (“SRL”), the Sierra Leonean

mineral sands producer in September 2010, subsequently increasing its holding to 55%.

• When Pala first invested, SRL had suffered a series of setbacks:
• Its share price had been languishing near all-time lows for an extended

period.

• The company was involved in a dispute with the Government of Sierra

Leone regarding an outstanding government loan.

• Its assets had been chronically neglected of investment and

maintenance, and the company was loss-making.

Value creation through partnership with Pala

• Team strengthening – Working with the CEO, Pala augmented SRL’s

board and management with industry leaders:

• Charles Entrekin, Director – Former President of Titanium Metals

Corp.

• Richard Lister, Director – Former CEO of Zemex Corp.
• Mike Brown, Director – Former COO of De Beers South Africa.
• Derek Folmer, Chief Marketing Officer – Former GM of rutile and

zircon sales at Rio Tinto.

• Rebuilding of government relations – Pala re-engaged with the

government, resolving a dispute and rebuilding SRL’s relationship.

• A return to profitability – Pala developed and executed SRL’s turnaround

plan, which was focused on operational improvement, and targeted re- investment in key assets.

• Delivery of growth – Pala has driven the evaluation and execution of a

series of projects, including the commissioning of Lanti Dry Mining, a new brownfield operation. Now, SRL is constructing its second expansion project, the high-grade Gangama deposit.

• A doubling of production – from 63,000tpa in 2010 to 126,000tpa in

2015.

• Optimized product marketing – Pala used its commercial expertise to

renegotiate legacy sales contracts.

• CSR – Pala has enhanced SRL’s contribution to the community, including

the implementation of environmental, infrastructure, educational and healthcare projects.

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During its partnership with Pala, Sierra Rutile has been transformed from a loss-making company to a business that has generated EBITDA in excess of US$100 million p.a.

Turnaround of dredge mining operations – Sierra Rutile

Case study – Putting assets into production

As a partner, Pala brings expertise to troubled, under-appreciated or over-looked businesses. Pala’s skills in mine construction, stakeholder relations and strategic development have been invaluable to Asian Mineral Resources’ turnaround.

History

• Pala acquired its initial stake in Asian Mineral Resources (“AMR”), which has

a 90% interest in the Ban Phuc nickel project in Vietnam, in May 2012.

• When Pala first invested, Ban Phuc was on care and maintenance:
• Vietnamese export tariffs on nickel concentrate had been increased

from 5% to 20%.

• The Vietnamese government had threatened to retract AMR’s licenses.
• A typhoon had hit the mine site.
• Following a long period of neglect, the local community had disengaged

with the project.

• AMR was unable to raise funds and the development of Ban Phuc had failed

Value creation through partnership with Pala

• 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. The mine is now fully supported by all key stakeholders.

• Targeted investment – Having evaluated AMR’s strategic options, Pala

successfully completed technical studies for a nickel matte smelting

• peration.
• 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.

• 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.

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Since partnering with Pala, AMR has progressed from being an overlooked development asset to achieving full-scale production.

Restart of construction leading to full-scale production – Asian Mineral Resources

Track record – Advancing mining assets

Pala has a strong track record of advancing its mining investments through development into production and expansion.

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Ban Phuc Pumpkin Hollow

Mar 2010 Present May 2012 Present

Çöpler

Preliminary economic assessment Pre-feasibility study Definitive feasibility study Construction Production Expansion

Apr 2007 Oct 2011 Present Oct 2011 Present

Gangama Dry Mining Lanti Dry Mining

Present

Lance

Dec 2010 Present

Smokey Hills

Dec 2014 Present

Case study – Partnering in mining technology

Gemcom Software is a leading international software provider that enables mining enterprises to increase mine productivity, efficiency and profitability. Pala acquired Gemcom in partnership with The Carlyle Group and JMI Equity.

Delivering international expansion

• The consortium’s partnership with Gemcom resulted in considerable

enhancement to Gemcom’s financial and operational performance and position.

• Expanded market share – Gemcom expanded from 1,800 mine sites

in 90 countries to 4,000 customer locations in 130 countries.

• Revenue growth – Revenue grew at a CAGR of approximately 15%.
• Margin growth – EBITDA doubled, with margins expanding from 26%

to 34%.

Partnering in a consortium

• Pala worked closely with the consortium and Gemcom’s management team

to further develop Gemcom’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

• f a new CFO, and various VPs to support the company’s international

growth.

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Gemcom was sold to Dassault Systems for US$360 million, realizing a 3x return on invested capital.

Industry-leading mine software – Gemcom

Case study – Creating global market leaders

Over its four-year investment, Pala developed Norcast, through a combination of organic and acquisitive growth, into one of the world’s largest suppliers of mill liners and wear components to the mining industry, with global operations.

Delivering organic growth

• Operational improvements – Pala optimized Norcast’s facilities, increasing

production rates by 30% and reducing costs.

• Corporate improvements – Pala enhanced management depth, refinanced

the business and, in partnership with the augmented team, expanded sales and distribution channels globally.

• Corporate governance – Pala implemented best-practice systems,

processes and controls.

Executing successful M&A

• Strategic M&A – In February 2010, Pala led Norcast’s acquisition of

Swanmet Engineering, a global provider of cast consumable products to the resource industry, with operations in Malaysia and Singapore.

• Positioning for ultimate exit – The acquisition positioned Norcast well for

its ultimate sale a year later through:

• A broadening of Norcast’s product 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
• wners of Swanmet accessed an exit with Pala that would not have
• therwise been possible, returning an additional 53% on their investment.

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Pala sold Norcast for $190 million, on an original investment of $74 million.

Creation of a leader in mine products – Norcast Wear Solutions

Case studies – Partnering with other specialist mining investors

Pala actively looks for opportunities to partner with other specialist mining investors.

Fully-funding the Lance project into production with Resource Capital, Blackrock and JP Morgan

• Long-term shareholder – Pala first invested in Peninsula Energy in 2010 by

way of A$22 million in equity investment and a A$100 million equity facility.

• Pala has remained supportive and has participated in follow-up

financings.

• Supportive partner – Pala joined the board and has supported

management in the continued development of its uranium projects in the United States and South Africa, as well as with various matters related to strategy, corporate finance and governance.

• 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.

Restarting Smokey Hills with Aberdeen and Macquarie

• Funding the project into production – Pala and fellow mining investor

Aberdeen International acquired an 84.5% stake in African Thunder Platinum, the owner of Smokey Hills platinum mine, in December 2014.

• Smokey Hills comprises a shallow underground mine and processing

plant on the Eastern Limb of the Bushveld in South Africa.

• The mine was placed on care and maintenance in 2012 following
• perational challenges during initial ramp-up.
• African Thunder Platinum is now fully funded to first production.
• Supportive partner – Pala has provided strategic and operational

assistance to management, and Smokey Hills is now in production:

• Guidance in strategic and corporate development, including growth
• pportunities and governance.
• Support to management in the implementation of management

systems and analytical tools, as well as providing technical and

• perational guidance.

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Pala actively seeks opportunities to invest in development-stage assets with like-minded investors in the mining space.

Central processing plant pad preparation – Peninsula Energy Re-starting Smokey Hills with Aberdeen and Macquarie – African Thunder

Testimonials

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"Pala has been the driving force behind the success of Sierra Rutile. Upon its initial investment, Pala was quick to understand the value

• pportunity, and was hugely supportive in the development of our strategic plan, the institutionalization of change, and the optimization of

business processes and controls. As a direct result of our partnership with Pala, we have successfully turned-around the business, and with a number of growth projects executed and under development, we have a strong future.” John Sisay, Chief Executive Officer, Sierra Rutile "Pala’s investment provided Asian Mineral Resources with access to turnaround skills and operational expertize that proved invaluable in bringing the Ban Phuc project into operation. Having achieved commercial production at Ban Phuc, Pala continues to bring important support as we focus on growth, including the depth of experience of Pala’s technical team and the strategic and commercial support provided by Pala in pursing our corporate objectives. Pala's strategic vision and industry know-how continue to benefit Asian Mineral Resources as we grow into the future.” Evan Spencer, Chief Executive Officer, Asian Mineral Resources "Pala was much more than an investor in our company; they acted as an advisor with deep mining expertise and connections. They provided us with continuous insights, trends and research about the global mining market, introduced us to potential customers and provided guidance on addressing customer challenges. Pala promotes collaboration across their portfolio companies which leads to the sharing of ideas to solve customer problems.” Rick Moignard, former President and Chief Executive Officer, Gemcom Software International Inc. "Pala has been an active investor since its ownership of Norcast. Pala brought industry knowledge, professional management and advanced business processes, which enabled Norcast to build and execute an effective strategic plan. Pala’s expertise and insight helped Norcast develop into an undisputed industry leader. There has been great success due to the strong relationship with Pala.” Al Bulckaert, former Chief Executive Officer, Norcast Wear Solutions

Testimonials

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"Inherently, Pala ensures that the value creation interest of all shareholders is maintained front and center in the focus of all Company

• activities. Pala’s involvement has helped our company greatly improve internal governance and risk management processes. The Pala team

is easy to work with and their experience within the capital markets and with other resource investments has offered constructive solutions to operating within rapidly changing business circumstances." Edward Dowling, Chairman, Alacer Gold "During the course of its involvement with Nevada Copper, Pala has assisted on a wide range of initiatives, including providing guidance on project development, financing alternatives and corporate strategy. Pala’s focus on long-term partnerships is proving particularly valuable as Nevada Copper transitions from developer to producer. " Giulio Bonifacio, Founder, Director, President and Chief Executive Officer, Nevada Copper "Avoca significantly benefited from the actions of its major shareholder, Pala. Pala was Avoca’s major supporter during its capital raising program for the development of the Higginsville Gold Project in Western Australia, and provided sound strategic advice on Avoca’s growth

• plans. "

Rohan Williams, former Managing Director, Avoca Resources "Pala’s commitment to the long-term future of Dumas will allow us to provide our customers an expanded offering, both in service range and geography, while maintaining the highest level of quality they have come to expect from Dumas." Daniel Dumas, Founder and Chief Executive Officer, Dumas Mining

Team

An extensive team of accomplished mining professionals from all over the world

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Team overview

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Pala has an established and diverse team of professionals, specifically recruited and trained to maximize value from its portfolio and for its partners.

• The investment team manage projects throughout the investment lifecycle, including idea generation, opportunity identification

and evaluation, deal execution, investment management and exit.

• The investment team works closely with Pala’s investee companies, delivering support on strategic and corporate development,

developing management information systems, and augmenting board and management teams from its network.

Technical &

• perations team
• Pala’s in-house technical team drive enhancements to operational performance within producing investee companies.
• In addition, the team leads Pala’s involvement in the development of construction projects, and are responsible for all technical

aspects of due diligence.

Finance team

• The finance team leads Pala’s partnership with its portfolio companies in financial matters, including M&A, capital raising,

financial strategy and management, and oversees acquisition finance for new Pala investments. In addition, it oversees Pala’s liquid portfolio.

• The team contains a dedicated research function, which develops macro-level ideas into investment themes and initiatives, and

maintains Pala’s in-house view on industry and commodity outlook.

Legal team

• The legal team are responsible for all legal matters, including legal due diligence, regulatory matters, drafting of legal

documents and litigation.

• The team provides support to portfolio companies, including in M&A, capital raising, permitting and regulation.

Investment team

Management team

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Stephen Gill – Portfolio Manager

• Stephen has been at Pala since 2008, during which time he has been

involved in many of Pala’s principal investments covering a range of commodities, as well mining services and consumables sectors. Key transactions include, Pala’s investments in Sierra Rutile (AIM: SRX), Asian Mineral Resources (TSX:ASN) and African Thunder Platinum. Stephen has also supported many of Pala’s investee companies in defining and implement strategic initiatives, including the expansion of Dumas Mining’s business through a series of acquisitions, the turn-around of Asian Mineral Resources’ Ban Phuc nickel project, and the evolution of Sierra Rutile’s dry mining business model. Stephen is also involved in the oversight of Pala’s liquid portfolio.

• Prior to joining Pala, Stephen was at AMEC Plc., an engineering consulting

firm, where he advised on a range of natural resources transactions, including the IPO of the Kazakhstan state oil company and CITIC Resources' acquisition of the Karazhanbas oilfield. Stephen also acted as an advisor across a range of private equity transactions, including investments in businesses spanning mining, metals processing, and mining consumables manufacturing industries.

• Stephen holds an MBA from the IE Business School in Madrid. He also

holds an MSc from the University of North Carolina and a BSc from the University of Wales.

• Stephen is currently a director of Sierra Rutile.

Evgenij Iorich – Portfolio Manager

• Evgenij has over ten years of experience in the natural resources sector.

His commodity experience extends across a broad range of bulk commodities, as well as precious and base metals. Evgenij has worked with a number of Pala’s portfolio companies, including, Peninsula Energy (ASX:PEN), Sierra Rutile (AIM:SRX) and Asian Mineral Resources (TSX:ASN) on a range of strategic initiatives, M&A opportunities,

• perational and financial planning and structuring. He is a director of

Peninsula Energy and Asian Mineral Resources and, in addition, with his considerable experience in oil and gas, is also a director of Serinus Energy (TSX:SEN).

• Prior to joining Pala in 2006, Evgenij was a financial manager at Mechel,

the Russian metals and mining company, where his responsibilities included all aspects of budgeting and financial modeling.

• Evgenij graduated from the University of Zurich with a Masters of Arts

degree.

Management team

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John Nagulendran – Portfolio Manager / General Counsel

• John’s core fields of expertise are in mergers and acquisitions, financing

transactions and risk management. He has been involved in structuring and closing a number of Pala’s key transactions, including Pala’s investments in Asian Mineral Resources (TSXV:ASN), Concord Resources and African Thunder Platinum. As General Counsel, John has responsibility for all legal and regulatory matters for Pala’s business and he also provides advisory and transactional support to Pala’s portfolio companies across various jurisdictions.

• Prior to joining Pala in 2010, John worked at Herbert Smith Freehills where

his practice focused on corporate M&A and securities transactions. During his six years with the firm, John worked in London, Singapore, Shanghai and Jakarta advising major corporates such as British American Tobacco, BHP Billiton, and Goldman Sachs on acquisitions, disposals and financing

• transactions. Prior to this, John was at Rajah & Tann practising commercial

litigation in Singapore.

• John obtained his LL.B. degree (First Class) from King’s College London,

and is a qualified solicitor in England & Wales and advocate & solicitor in

• Singapore. John sits on Pala’s Investment Committee, and is currently a

director of Concord Resources and is company secretary of Sierra Rutile (AIM: SRX).

Mike Brown – Managing Director

• Mike has over 30 years’ experience in mining. Since joining Pala in 2011,

Mike has led the development, construction and expansion projects at Sierra Rutile (AIM:SRX), Asian Mineral Resources (TSX.V:ASN), Nevada Copper (TSX:NCU) and African Thunder Platinum.

• He joined Pala from De Beers Consolidated Mines Ltd (“DBCM”), where in

his role of COO, was responsible to the CEO and Board for all operations in South Africa, including production at five mines, the planning and execution

• f construction projects and strategic business development. Mike

managed a number of significant restructuring projects.

• Previously, Mike was Head of Strategic Business Development, where he

was responsible for the full value chain from resource evaluation to strategic business planning, concept studies, feasibility studies and project

• implementation. He managed a number of major projects, including the

$750m Finsch block 5 feasibility study, the $2.0 billion Venetia underground mine feasibility study and the $200m construction and ramp up to full production at Voorspoed Mine.

• Mike is a registered Professional Engineer with the South African Council of

Professional Engineers and a member of the South African Institute of Mining and Metallurgy. He graduated from the University of the Witwatersrand with a B.Sc. in Mining Engineering, and has completed the Senior Executive Program at LBS and the Global Executive Development Program at GIBS. He currently serves on the boards of Nevada Copper, Asian Mineral Resources and African Thunder Platinum.

Management team

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Martyn Buttenshaw – Vice President

• With a wealth of direct mining experience, Martyn has worked closely with

several of Pala’s portfolio companies including Sierra Rutile (AIM:SRX), Asian Mineral Resources (TSX:ASN), Norcast Wear Solutions and Melior Resources (TSX:MLR), to assist in their execution of strategic plans, growth projects, product marketing strategy, development of corporate governance and achievement of operational goals. Martyn is currently a director of Melior and Asian Mineral Resources and is a member of Pala’s investment team.

• Prior to joining Pala in 2010, Martyn was a Business Development Manager

with Anglo American in its ferrous metals business unit. Martyn’s primary responsibilities centered on the review and evaluation of potential iron ore investments globally. Martyn also spent five years working as a senior mining engineer with Rio Tinto in their technical services and industrial minerals groups.

• Martyn holds an MBA (with distinction) from the London Business School

and an MEng (First Class) in Mining Engineering from the Royal School of Mines, Imperial College, London.

Phil Day – Vice President

• Phil has 20 years’ experience in mining projects globally, focusing on
• perations, design and consulting. He joined Pala in early 2014, and has

been directly involved in operations and development projects with several portfolio companies, Phil is currently a director of Sierra Rutile.

• Prior to joining Pala, Phil worked for AMEC Americas as Vice President for

Process Engineering. In this role, Phil was primarily responsible for the function and growth of the Process Engineering group for projects and

• studies. He managed a number of major projects, including the expansion
• f Corrego do Sito, the $1 billion Gramalote gold study for Anglo Gold

Ashanti, and the $2 billion ammonia leach expansion of Tenke Copper project for Freeport-McMoRan. Previously he worked in operational, managerial and technical roles for BHP Billiton, WMC Resources, Minara Resources and Wiluna Gold, gaining exposure to various commodities, including nickel (sulfides and laterites), copper, gold and fertilizers.

• Phil graduated from Murdoch University in Australia, with a B.Sc. in

Metallurgy/Chemistry and is a Fellow member of the Australian institute of Metallurgy (FAusIMM).

Management team

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Anthony Milewski – Vice President

• Anthony has spent his career in various aspects of the mining industry,

including as a company director, advisor, founder and investor. He now leads Pala’s work in deal origination and is a member of the investment team.

• Prior to joining Pala, Anthony worked at Firebird Management, a specialist

emerging market fund, where he focused on natural resource investments in Africa, Central Asia and the Former Soviet Union. Anthony previously worked at Renaissance Capital and Skadden, Arps in Moscow, where he focused on advisory and transactional work in metals & mining and oil &

• gas. Anthony has lived and worked in Africa and Russia, including a year

as a Fulbright scholar, and has spent considerable time in Central Asia. He has served as a director of both public and private companies and has been seconded as interim CEO on multiple occasions.

• Anthony holds a B.A. in Russian history from Brigham Young University, an

M.A. in Russian and Central Asian Studies from the University of Washington, and a J.D. from the University of Washington. He holds an LLM in Corporate Finance from the Russian Academy of Sciences.

Richard Brown – Senior Manager, Finance

• Richard has been at Pala since November 2008 in his role as Senior

Manager – Finance. Richard is responsible at Pala for trading, treasury, liquidity and cash management and all internal financial matters including financial and management reporting,. He also leads the tax and corporate structuring for both Pala and potential new investments.

• Richard has led the development and implementation of management

information systems at Pala designed to facilitate the effective management and control of transaction, portfolio, and contact information, through a tailored workflow framework. He was also closely involved in the structuring

• f Pala’s investment in and sale of Norcast Wear Solutions.
• Richard joined Pala from UBS AG where he was a Director in the Global

Group Treasury Department. Richard was responsible for daily financial control and risk reporting for the Interest Rates Desk and Group Treasury’s global balance sheet reporting.

• Richard has over eighteen years of experience in finance, beginning his

career working for Morgan Brown & Spofforth, where he was involved in auditing and accounting for companies in the electronics, manufacturing, trading and service sectors. After leaving at the level of senior auditor, Richard joined Merrill Lynch, where he was responsible for corporate and regulatory reporting, as well as the product and financial control functions, in Germany and Switzerland.

• Richard holds a BA from Exeter University, an MSc from the University of

Surrey and is a qualified chartered accountant, ACA.

Management team

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Kate Southwell – Senior Legal Counsel

• Kate is a Senior Legal Counsel in Pala’s legal team, and provides legal and

transactional support on current acquisitions and divestments, and to a number of Pala’s portfolio companies, including Dumas Mining, Melior Resources (TSX:MLR) and Asian Mineral Resources (TSX:ASN). Kate recently closed a $10 million bridge financing for Alufer Mining in connection with its Bauxite project in the Republic of Guinea. Kate also worked closely with Nevada Copper on its $20 million Bridge Loan Facility in August 2014, and its $200 million refinancing and offtake agreement with Red Kite in December 2014. Kate also manages contentious matters and advises Pala on complex corporate and regulatory issues.

• Kate joined Pala in November 2013 from Nyrstar NV, a leading mining and

metals company in Zurich, where she had completed a number of acquisitions, divestments and strategic redevelopment projects in Canada, Europe and Australia. Prior to this, Kate was an associate in the Mergers & Acquisitions group of Shearman & Sterling LLP and worked in London, Singapore and New York.

• Kate obtained a BA (First Class with distinction) in Law with French from

Nottingham University and is a qualified solicitor in England & Wales. She was admitted to the New York Bar in 2008.

Julien Bosche – Manager

• Julien joined Pala in 2014 and has been actively involved in all stages of

the investment cycle. He helped lead Pala’s investments in African Thunder Platinum and Rainbow Rare Earths and manages the investments in several Pala portfolio companies, including Alufer Mining, Rainbow Rare Earths, and Nevada Copper (TSX:NCU).

• Prior to joining Pala, Julien was part of the mining investment team at the

International Finance Corporation (IFC), the private sector arm of the World Bank Group, making debt and equity investments in projects in developing

• countries. Julien worked on a number of transactions across the commodity

spectrum, including the Oyu Tolgoi copper project financing in Mongolia, IFC's equity investment in the Simandou iron ore project in Guinea, and IFC's equity investment in Kasbah Resources to support the development

• f the Achmmach tin project in Morocco.
• Prior to his time at IFC, Julien worked in Citigroup's M&A team in New

York, advising on mergers, acquisitions, divestitures, joint ventures, and debt restructurings across several sectors.

• Julien holds an MBA from INSEAD and a BBA (with high honors) from The

University of Texas at Austin.

Management team

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Yann Fournier – Manager

• Yann joined Pala in 2014. Since joining, Yann has actively supported Sierra

Rutile (AIM:SRX) and Nevada Copper (TSX:NCU) in a range of strategic initiatives, and has developed and evaluated various new investment

• pportunities.
• Yann has a wealth of experience in investment banking in the mining
• sector. Prior to joining Pala, Yann worked for BMO Capital Markets’

investment banking advisory group. Whilst at BMO, Yann advised on the buy and sell side in four major M&A transactions totaling $3.5 billion, including the acquisition of CAMEC by ENRC for $950 million in 2009 and the sale of a 40% interest in the Mutanda copper mine to Glencore for $770 million in 2012-13. Yann also advised on a number of debt and equity

• fferings including the $300 million IPO of Ivanplats in 2012.
• Yann holds a Master in Law from University of Bristol in the UK and a

Business degree from ESCE in France.

Christian Siebert – Manager

• Christian has 18 years of experience in the natural resources sector. Since

joining Pala’s technical and operations team, Christian has evaluated a number of potential transactions in the mining and mining services space. Additionally, he has provided technical and operational assistance to Melior Resoures (TSX:MLR) in its construction of the Goondicum project.

• Prior to joining Pala in 2012, he was an advisor to Audley Natural

Resources Fund, where he was responsible for evaluation of various mining stocks and projects, and portfolio management. He has extensive experience in gold, base metals, iron ore, coal and phosphates. He started his career as a mining engineer at AngloGold Ashanti in South Africa, working both in production and in mineral resource management. This was followed by a career as a mining analyst at Citigroup and Nedbank specializing in gold and Africa. In this role, Christian achieved top ratings and was nominated for various South African analyst awards.

• Christian graduated from the Technical University of Clausthal, Germany,

with a Master of Engineering (Dipl.-Ing.).

• Christian is registered as a Professional Engineer with the Engineering

Council of South Africa (ECSA).

Management team

21

Aline Carnizelo – Economist

• Aline is responsible for conducting commodity research and scenario

planning at Pala Investments. Through the analysis of macro trends, technology innovations and geopolitical risks, Aline develops investment themes that feed into Pala’s origination strategy. She is also responsible for developing the house view on commodities supply, demand and price forecasts.

• Aline has nine years of experience in scenario planning, research, risk

analysis, portfolio management, syndicated finance, debt restructuring and equity capital markets.

• Prior to joining Pala in 2011, Aline worked at the World Bank where she

managed a portfolio of investments in the manufacturing sector and executed several syndicated loan transactions. Before this, Aline was part

• f the ABN AMRO Equity Capital Markets team, where she was involved

with a number of IPOs.

• Aline began her carrier at the Louis Dreyfus Group in Brazil, where she

worked as an economist responsible for estimating commodities’ demand and modeling hedging risk.

• Aline holds BSc in economics and a MBA from the IE Business School,

graduated with honors.

Contact

Pala Investments

Gotthardstrasse 26, 6300 Zug, Switzerland +41 41 560 9070 info@pala.com www.pala.com