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Wafi-Golpu Joint Venture

Kumul Minerals mandates under the Kumul Minerals Holdings Limited Authorization Act 2015 include participating in the new mining projects in Papua New Guinea as a State equity agent or holding Nominee. Wafi Golpu Project in the Morobe Province is a new project and negotiations with the developers is presently taken care by the State’s Negotiations Team. Once those negotiations are completed and parties’ understanding consummated with execution of agreements, then depending on whether State wanted to exercise its equity options to purchase up to 30% of capital interest in the project, Kumul Minerals Wafi Golpu Limited would come in and hold on trust such interests as are purchased for the benefit of the people of Papua New Guinea; that stage is still in the process.