New Africa Mining Fund

Investment Strategy

• Provide capital for exploration, feasibility studies, development and/or expansion;
• Back promoters/management teams:

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With the relevant track record; and
Where incentives are aligned;

• Provide capital on an on-going results driven basis, thereby having the ability to manage risk;
• Acquire significant positions which will be governed by comprehensive shareholder agreements; or
• Acquire minority interests with defined exits where the potential for opportunistic superior returns arise.

NAMF will target investments:

• Where the commodity and/or the deposit has attractive fundamentals; and
• are in the early stage of the development cycle:

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that have the potential within a relatively short time period to move up the value curve;

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in respect of bulk commodities, have the potential to become medium to large size operations; or
in respect of other commodities that on balance have attractive grades and the geology, mining and processing is not expected to be overly complex; and

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where the technical, logistical and social and environmental issues are satisfactorily considered;

• that, through corporate action, have the potential for unlocking
significant value; or
• that are opportunistic.