Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health & Safety
• Environment
• Communities
• Climate Change

Environmental Achievements

• Implemented an internal monitoring program to continuously improve environmental performance; minimized environmental effects through compliance with laws and regulations; protected air and water quality, minimized water and energy consumption, and protected natural habitats and biodiversity; promoted environmental dialogue with stakeholders.

Social Achievements

• Provided health and safety training to all employees; minimized workplace injuries; established management and advisory programs for the prevention of transmissible diseases; maintained excellent relationships with local communities; used local businesses for services, creating increased economic activity; maintained regular dialogue with local populations and mayors; favored employment for local people.

Governance Achievements

• Enhanced corporate governance and implemented new structures; appointed Adrian England as Non-Executive Independent Director; engaged new legal advisors; achieved settlement terms with former directors, resulting in the return of most of their CMR shares and termination of their warrants; followed the QCA rules on corporate governance; updated policies and processes relating to Market Abuse Regulation, insider lists, and disclosure tools.

Climate Goals & Targets

Environmental Challenges

• Significant challenges faced by the Troulli and Kalavasos assets in Cyprus; approvals from the Cyprus Ministry of Defence not forthcoming; governance structures and contracts relating to the Cypriot venture with Bezant Resources Plc not upholding shareholders' best interests; fluctuation in metals and minerals prices; difficulty raising external funding; evolving ESG reporting requirements; potential for supplier disruption; competition for clean technology projects; competition for equity capital; climate change physical impacts on project locations; potential for higher input costs; reduced demand for metal concentrates produced using high GHG emissions energy.

Mitigation Strategies

• Decided to make a strategic change of focus away from Cyprus assets; agreed to the disposal of the assets; enhanced corporate governance and implemented new structures; monitored commodity pricing trends; regularly reviewed cashflow, working capital, and funding options; built strong relationships with key shareholders; placed gifted shares; prudent approach to budgeting; further enhanced policies and processes for ESG reporting; embedded climate change risks and opportunities in strategy; due diligence processes for new project acquisitions; implemented improved GHG data collection methodology; worked with host communities to minimize emissions; strengthened governance for climate-related risk reporting; included climate-related risks and opportunities in financial and scenario planning.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Used local businesses for services; ensured high standards of health and safety were maintained or implemented.

Climate-Related Risks & Opportunities

Physical Risks

• Reduced rainfall impacting water supply

Transition Risks

• Supplier disruption; competition for clean technology projects; competition for equity capital; reduced demand for metal concentrates produced using high GHG emissions energy.

Opportunities

• Improving technology and lower cost of renewable solar energy; increased demand for Clean Technology metals and minerals.

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: PKF Littlejohn LLP

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Health & Safety
• Environment
• Communities
• Climate Change

Environmental Achievements

• Minimized environmental impact of exploration activities through trench backfilling and road refurbishment.
• Commitment to using renewable energy (solar) for future mining operations in Morocco.

Social Achievements

• Used local businesses for services, creating economic activity in operating areas.
• Maintained excellent relationships with local communities.

Governance Achievements

• Reorganized the Board to bring in expertise in Morocco and reduce costs.
• Follows the QCA rules on corporate governance.
• Established an Audit Committee and a Remuneration Committee.

Climate Goals & Targets

Environmental Challenges

• Successful acquisition of future opportunities may not materialize.
• Competition from companies with greater resources.
• Over-reliance on key individuals.
• Fluctuations in commodity prices.
• Difficulty raising external funding.
• ESG reporting requirements.
• Bribery and corruption risks.
• Water availability for exploration projects in Morocco.
• Potential for higher input costs.

Mitigation Strategies

• Actively seeking to diversify portfolio by acquiring further exploration assets.
• Supportive shareholder base and plans to raise further finance.
• Issued share option grants to incentivize and retain key directors.
• Monitors commodity pricing trends.
• Regular review of cash flow, working capital, and funding options.
• Building strong relationships with shareholders.
• Prudent approach to budgeting.
• Policies and processes being enhanced for ESG reporting.
• QCA code of corporate governance and internal policies.
• Board reorganisation to ensure appropriate skill sets.
• Working on metrics to quantify physical climate risks.
• Maximizing solar power opportunities in Morocco.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Using local businesses for services.
• Ensuring high standards of health and safety are maintained or implemented by suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Reduced rainfall impacting water supply.
• Extreme heat impacting productivity.

Transition Risks

• Supplier disruption.
• Competition for clean technology projects.
• Competition for equity capital.
• Reduced demand for high-emission metal concentrates.

Opportunities

• Improving technology and lower cost of renewable solar energy.
• Potential investments in renewable energy sector.

Reporting Standards

Frameworks Used: TCFD (Comply or Disclose)

Certifications: Null

Third-party Assurance: PKF Littlejohn LLP

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed