Alien Metals : 2023 Annual Report for the period ending Dec 31, 2023

Trading Symbols

AIM: UFO

FWB: I3A1

23 May 2024

Alien Metals Ltd

("Alien" or "the Company")

Financial Results for the Year Ended 31 December 2023

Alien Metals Ltd (AIM: UFO), a global minerals exploration and development company, today announces the release of its audited, financial results for the year ended 31 December 2023.

The Company's full Annual Report is being sent to shareholders, and is available on the Company's website, www.alienmetals.uk.

The entirety of the Annual Report is set out below.

For further information please visit the Company's website at www.alienmetals.uk or contact:

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Robert Collins

Tel: [phone]

WH Ireland Ltd (Broker)

Harry Ansell / Katy Mitchell

Tel: [phone]

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel: [phone]

CHAIRMAN'S REPORT

Dear Shareholders,

I am pleased to present the Chairman's statement for Alien Metals Limited (the "Company", "Alien Metals", or "Alien") for the year ended 31 December 2023. The Company made significant progress during the year, particularly on the Hancock Iron Ore Project, culminating in the publishing of the Development study in February 2024.

Project updates

Hancock Iron Ore Project:

The 90% owned Hancock Iron Ore Project ("Hancock" or the "Project") is located 17 kilometres ("km") north of the regional iron ore mining hub of Newman, Western Australia. The geology of the area supports nearby world class iron ore mines and the Company has an opportunity to build on the current high confidence JORC compliant mineral resources and ore reserves to develop a long life, direct ship, high grade iron ore mine.

The Project has progressed significantly during 2023 culminating in the publishing of a development study (the "Development Study") in early 2024. Highlights from the Development Study include:

• MRE of 8.4Mt @ 60% Fe JORC Mineral Resource, including an upgraded Indicated Resource of 4.5Mt@ 60.2% Fe.
• Based on 8Mt of the Mineral Resource being converted to mining inventory, robust project financials of the base case produced the following:
  o an average annualised EBITDA of A$39m
  o a pre-tax NPV10 of A$146m and a pre-tax IRR of 133% o All in sustaining cost of US$85/t
  o Production rate of 1.25mtpa
  o Initial development Capital Cost of A$28m
  o Other key highlights from the Development Study include the following:
  o High confidence in the Capital and Operational Costs with pricing received through the Early Contractor involvement and Preferred Tenderer process resulting in up-to-date tendered pricing for more than 90% of the Capital Costs and Operational Costs.
  o Initial production plan focussed on current 3.9Mt mining inventory with further upside to mine the entire Mineral Resource of 8.4Mt and beyond to be realised through ongoing exploration upside. Further work confirmed a 165% increase in Indicated Resources from 2.8mt to 4.5mt as part of an updated Mineral Resource Statement.
  Ore processing will utilise a mobile dry crushing and screening plant capable of producing 1.25Mt to 1.5Mt of 100% fines product per annum on a single shift basis. Sprint capacity of the plant working on a double shift basis is up to 3.0Mt per annum.
• Low start-up cost of A$28m capital including:

• 1. A$18.0m for main roads intersection and access to Site, o A$2.5m for site establishment and pre-production capital,
     o A$6.5m of owners costs, working capital and contingency allowances.
• Reduction in costs achieved through the close proximity to the Mining Hub of Newman. The proximity allows the Company to avoid extensive construction capital costs associated with airstrip, mining camp and associated services.
• Provisional export capacity through the Port of Port Hedland has been secured and remains on track for final approvals during the first half of 2024.

CSA Global conducted an independent review based on existing geological information and a site visit to express an opinion about the Exploration Potential of the Hancock Project. Their findings included:

• Tenement E47/3954: Significant exploration potential has been identified, in addition to the 8.4Mt Mineral Resource outside of the known Mineral Resource area.
• Tenement E47/3954: Walk up drill targets, with a potential to increase the existing Mineral Resource
• Hancock Project Tenements E47/3954 and E47/5001: Significant strike lengths of Weeli Wolli Formation BIF and Boolgeeda Iron Formations identified and yet to be adequately explored.
• Alien has also separately completed an additional internal review of Project Tenement E47/5001, identifying (interpreted from GSWA 250k mapping) significant underlying geological lithologies that are suitable hosts for iron ore mineralisation and exploration potential.
• Success through accelerating exploration activities could therefore significantly increase the existing 8.4Mt JORC Mineral Resources, resulting in potential for increases to planned production and mine life.

Alien plans to conduct additional exploration during 2024 to target an increase in its Mineral Resource while preparing for the mining development. During April 2024, the Western Australian Department of Mines granted the mining lease (M47/1633) for the project, giving security of tenure for a 21 year term through to 17 April 2045, and allowing for site development to commence in 2024, assuming the requisite funding has been secured.

The Company continued work on multiple fronts towards putting the Project into production.

In November, the Company signed a conditional, non-binding, Memorandum of Understanding with the Pilbara Ports Authority for Iron Ore exports. This would provide access to the Utah Bulk Handling Facility, with multi-

user berth in Port Hedland. The Company has also substantially agreed the terms for a binding agreement, which would be subject to typical regulatory approvals.

The Company executed a Native Title Project Mining Agreement with the Karlka Nyiyaparli Aboriginal Corporation RNTBC ("KNAC"). This covers the Project and associated tenements. In addition, the signing of Heritage Agreements with (KNAC) enabled the Western Australian Department of Mines, Industry Regulation and Safety to grant the Miscellaneous Licence from the Great Northern Highway to the project.

During the year, the Company completed infill diamond core drilling (13 holes for 1,048.9 metres) at the high grade Sirius Deposit in May 2023 with results released in July 2023 showing consistent grades of over 60% Fe with low levels of deleterious elements. These results were included in the Mineral Resource Estimates included in the Development Study.

A Heritage Agreement with the PKKP Aboriginal Corporation RNTBC was also executed during the year for the Vivash Gorge Project. This was done to facilitate the exploration of licence E47/3071 cooperatively with the Puutu Kunti Kurrama and Pinikura people, whilst ensuring best practice protection of their cultural heritage.

Pinderi Hills Project:

Alien undertook a detailed review of historical data on the Elizabeth Hill mining lease during the year including site visits. The review supports a significant opportunity for high-grade polymetallic mineralisation. The key base metals results of this review, include:

• 1 metre ("m") @ 3.98% Cu, 12 troy ounces ("ozt") Ag, 0.95% Ni from 35m in EC002
• 1m @ 3.5% Cu, 125ozt Ag, 0.58% Ni from 2m in UGD063
• 5.2m @ 2.18% Ni, 166ozt Ag, 0.76% Cu from 3m in UGD069
• 1.05m @ 1.90% Ni, 114ozt Ag, 1.25% Cu, from 5.05m in UGD072

Some of these results extend outside of the known mineralisation zones and support potential extensions to the silver resource envelope. In addition, following significant corporate activity targeting the region during the year, including the announced SQM and Hancock Prospecting joint $1.7 billion bid for Azure Minerals and SQM's announced strategic joint venture with Novo Resources (ASX:NVO) for lithium, the Company undertook a preliminary review for lithium prospectivity within the Pinderi Hills project which is in progress as at the date of this report.

Alien Metals engaged consultants to review the Munni Munni PGM project during the period with a view to potential joint venture funding to enable the project to progress. The project area contains a historic JORC 2004 compliant resource of 24 million tonnes @ 2.9 grams per tonne ("g/t") PGM and gold for 1.14 million ounces ('moz') palladium ('Pd'), 0.83 moz Pt ('platinum'), 152 thousand ounces ("koz") Au ("gold") and 76 koz Rh ("rhodium"). Potential exists for a much larger, high value, multi-commodity resource, many of which appear on critical mineral lists. Munni Munni represents one of the largest undeveloped primary PGM Resources in Australia. Alien Metals newly appointed Board member, Robert Mosig, has intimate knowledge of this project and will assist in development of plans to extract value.

Subsequent to year end, the Company through its wholly owned subsidiary Alien Metals Australia Pty Ltd, entered into a joint venture with Errawarra Resources Ltd (ASX: ERW) in respect of the lithium rights on the Pinderi Hills Project. Errawarra has the potential to earn up to a 50% interest in the lithium rights in the Project by spending up to A$4 million with the first A$500,000 being by the way of a subscription for common shares in the capital of the Company. Proceeds of the subscription will be applied to general working capital purposes:

• Stage 1: Errawarra will earn-in for a 25% participating interest in the joint venture by spending A$1m on the Project, within 24 months of the date of entering into the Agreement; and
• Stage 2: Errawarra will earn-in for a further 25% participating interest in the joint venture by spending a further A$2.5m on the Project , within 60 months of the date of entering into the Agreement.

At the conclusion of Stage 2, Errawarra's interest in the Project will be 50% and from that point, the Parties will contribute towards any Project related expenditure on a pro-rata basis. If Errawarra does not meet the required spend (as noted above) in either Stage 1 or Stage 2, its interest in the joint venture will reduce proportionally.

If AMA chooses not to contribute on a pro-rata basis following the completion of Errawarra's Stage 2 earn in, AMA's 50% interest will dilute on a pro rata basis, and in the event that AMA's interest in the joint venture falls below 10%, its remaining holding will convert to a 2% gross revenue royalty.

Donovan 2 Copper-Gold Project:

Alien Metals is taking steps to divest its projects in Mexico given the strength of its Australian based portfolio.

Funding

The Company raised £2 million in August 2023, issuing 1,000,000,000 shares at 0.2 pence a share. In July 2023 the Company executed a short-term funding facility for $1 million. $0.5 million of this facility was subsequently cancelled following the capital raise in August 2023.

Subsequent to year end the Company entered into a further short term funding facility of A$2 million. This facility will meet short-term capital requirements and contribute towards exploration and the ongoing review of strategic funding options to maximise value for the Company's shareholders and stakeholders, including: Considering various longer-term financing options, including continued discussions with strategic partners regarding offtake funding, debt, equity project funding in connection with the Hancock Project and the Pinderi Hills PGM, silver and base metals project; and actively exploring the potential for the sale or joint venture of non-core assets providing further funding for the Company.

Financial Results

Alien Metals Limited reported a loss for the twelve months ended 31 December 2023 of $3,721,000 (31 December 2022: loss of $2,375,000).

Included in the 2023 financial results is non-cash share based payment expense of $216,000, a write down of the carrying value of the Mexico exploration assets in the amount of $794,000, and the write down of other assets in the amount of $140,000.

Board Changes

During the year Mr Guy Robertson (26 April 2023), Ms Elizabeth Henson (4 August 2023) and Mr Alwyn Vorster (4 August 2023) were appointed to the Board. Mr Vorster resigned subsequent to year end (15 March 2024) given other commitments, however remains as an advisor on the Hancock project.

Mr Robert Mosig was appointed as a director on 15 March 2024.

Mr Daniel Smith (6 September 2023), Mr Mark Culbert (4 August 2023), Jo Battershill (26 April 2023) and Mr Roderick McIllree (30 June 2023) resigned as directors during the year.

Outlook

Looking ahead, we remain focused on delivering long-term value for our shareholders by continuing to advance our exploration and development projects.

We will continue to prioritise safety, sustainability, and good governance in all our operations, as we work to create value for all our stakeholders.

Conclusion

In conclusion, I would like to thank our employees, contractors, and shareholders for their continued support during the year. We are pleased with the progress we have made, and we look forward to updating you on our achievements in the coming year.

Yours sincerely,

Guy Robertson

Interim Executive Chairman

22 May 2024

DIRECTORS' REPORT

The Directors present their Report, together with the Consolidated Financial Statements and Independent Auditor's Report, for the year ended 31 December 2023.

Principal Activities

The principal activity of the Group is to create and develop a multi-commodity portfolio of exploration and mining projects in jurisdictions with established mining communities, stable political backgrounds, and where strong operational controls can be assured.

The Group's principal activities are in the premier Pilbara mining region of Western Australia.

Business Review

Alien Metals' geological team continue to assess and identify projects that fit with the Group's strategic objectives. Wherever possible, the projects are acquired on a low-cost option basis whilst preliminary exploration is undertaken to assess the merits of further work and with clear value drivers for shareholders and stakeholders alike.

Where preliminary studies show evidence of sufficient mineralisation, increasingly comprehensive studies and development will be undertaken with a view to delineating a compliant mineral resource estimate in readiness for mine development or of the potential sale of the asset to a producing mining company, at which time a significant premium over its acquisition and development cost may be justified.

A detailed review of the business of the Group during the year and an indication of likely future developments may be found in the Chairman's Report on pages 3, 4 and 5.

Principal risks and uncertainties are discussed on pages 7 to 12.

Results and Dividends

The loss of the Group for the year ended 31 December 2023 amounts to $3,721,000 (31 December 2022: loss of $2,375,000).

The Directors do not recommend the payment of a dividend for the year (31 December 2022: Nil).

Directors and Directors' Interests

The Directors who served during the year ended 31 December 2023 had the following beneficial interests in the shares of the Company at year end.

		31 December 2023	31 December 2022
		Ordinary		Performance	Ordinary		Performanc
Director		Shares	Options	Rights	Shares	Options	e Rights
A Vorster*		12,500,000	65,000,000	-	-	-	-
G Robertson***		-	-	-	-	-	-
E Henson**		8,455,722	65,000,000	-	-	-	-
D J Smith*******	4,517,715	45,000,000	-	4,517,715	57,342,509	-
M	C	6,666,666	-	-	6,666,666	7,500,000	-
Culbert******
J	L	-	50,000,000	-	-	50,000,000	-
Battershill*****

R McIllree****	137,404,76	230,000,00	- 137,404,76	230,000,00	-
	2	0	2	0

• Appointed 4 August 2023, resigned 15 March 2024 ** Appointed 4 August 2023
  *** Appointed 26 April 2023
  **** Appointed 7 September 2022, resigned 30 June 2023
  ***** Resigned 26 April 2023
  ****** Resigned 4 August 2023
  ******* Resigned 6 September 2023

Further details on options can be found in Note 17 to the Financial Statements. Directors' remuneration is disclosed in Note 20.

Substantial shareholders

The substantial shareholders with more than a 3% shareholding at 29 February 2024 are shown below

	Percentage
Bennelong Limited	7.21%
Windfield Metals Limited	5.92%
Gilmore Capital Limited	4.06%

Key Performance Indicators ("KPIs")

The Board monitors the activities and performance of the Group on a regular basis. The Board uses financial indicators based on budget versus actual to assess the performance of the Group. The indicators set out below will be used by the Board to assess performance over the period.

The three main KPIs for the Group are as follows. These allow the Board to monitor costs and plan future exploration and development activities:

	2023	2022
Cash and cash equivalents ($)	676,000	2,177,000
Administrative expenses as a percentage of total assets (%)	16%	13%
Exploration costs capitalised during the year ($)	1,708,000	3,029,000

Principal Risks and Uncertainties

Risks are formally reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Group.

The financing, exploration, development and mining of any of the Company's properties is subject to a number of factors including the price of copper, silver, gold, lead, iron ore and zinc, laws and regulations, political conditions, currency fluctuations, environmental regulations, hiring and retaining qualified people and obtaining necessary services in jurisdictions where the Company operates.

The Board periodically carries out robust assessments of the emerging and principal risks facing the Company including those that would threaten its business model, future performance, solvency or liquidity. The assessment includes a review of all material controls including those which are related to finance, operations and compliance.

The Audit Committee is responsible for monitoring the effectiveness of the Company's risk management and internal control systems, and reports to the Board as required.

Alien Metals operates with a small team of key personnel and with open lines of internal communication. Where new risks are identified, they are reported to the Company Secretary or the Board. Where practicable, a method of mitigation is determined, and the risk together with any form of mitigation is presented to the Board for discussion.

The following is a brief discussion of those distinctive or special characteristics of the Company's operations and industry which may have a material impact or constitute risk factors in respect of the Company's future financial performance.

Principal risks and uncertainties

Key risks	Description of risk
Strategic risks
Exploration	The Group's operations are subject to all of the
and		hazards and risks incidental to exploration,
development	development and the production of minerals,
and	future	including damage to life or property, environmental
acquisitions	damage and legal liability for damage, which could
		have a material adverse impact on the business and
		its financial performance.
		The Group may acquire additional mining
		concessions in Australia or elsewhere in the world.
		The Group may be unable to obtain suitable mining
		concessions at competitive prices.
		Any exploration programme entails risks relating to
		the location of economic ore bodies, the
		development of appropriate metallurgical
		processes, the receipt of necessary governmental
		permits and the construction of mining and
		processing facilities.
		In the event that the Group's portfolio of mining
		concessions is deemed by management not to
		warrant further exploration and the Group is
		unsuccessful in acquiring suitable new projects, the
		Group will have no exploration or development
		projects to pursue.
No reserves or	The Group has announced its maiden mining
resources	reserve and associated mining inventory.

No assurance can be given that any future exploration programme will result in any new resources and or discoveries.

Mitigating factors

Our mineral concessions are evaluated carefully by qualified geologists and independent advisors are engaged as and when appropriate.

The management team has significant experience operating in Australia.

The Group received an independent assessment of the reserve resource potential of the Hancock project and believes that there is good potential to delineate additional mineral resources in accordance with JORC.

Key risks	Description of risk	Mitigating factors
Strategic risks
Mineral	In relation to exploration and mining concessions	The Group's mineral concessions
concessions	over which the Group holds legal rights, if the Group	have been registered in the
and titles risks	fails to fulfil the specific terms of any of its

At 31 December 2023 the exploration and evaluation assets in Mexico had been written down to nil.

Key risks	Description of risk	Mitigating factors
Strategic risks	concessions or operates in the concession areas in a	name of CMEP and no contest or
	manner that violates Mexican or Australian mining	objection was received.
	law, regulators may impose fines, suspend or
	revoke the concessions, any of which could have a	The Group is aware of necessary
	material adverse effect on the Group's operations	minimum	expenditure	and
	and proposed operations.	annual rental obligations for all
		its	exploration	and	mining
	Ownership of the mineral concessions in Mexico has	permits	and		maintains	the
	been transferred from the Group's former operating	necessary		payments	and
	subsidiary Alien Metals de Mexico SA de CV ("ASM")	expenditure	obligations	to
	to its new operating subsidiary, Compañía Minera	negate any risk from this aspect.
	Estrella de Plata SA de CV ("CMEP"). Whilst the
	Group has previously received legal opinions in	Prior	to	entering	into
	respect of title of ASM to its properties. There is no	agreements relating to mineral
	guarantee that the title to such properties will not	concessions,	formal	searches
	be challenged or impugned by third parties. The	and	reviews	of		legal
	Group's concessions could be subject to prior	documentation	are conducted
	unregistered agreements, transfers or other claims	to provide evidence of the legal
	and title could be affected by unidentified or	owner, including outsourcing of
	unknown defects or government actions. A formal	legal	and/or		tenement	due
	legal opinion has not been obtained as to the legal	diligence to legal practitioners.
	title of CMEP to the mineral concessions.

Key risks	Description of risk	Mitigating factors
Financial risks
Requirement	Failure to obtain sufficient financing for any	The Group has an experienced
of additional	projects would result in a delay or indefinite	Board and management team
financing	postponement of exploration, development or	with significant	experience	in
	production on properties covered by the Group's	financing mining activities.
	concessions or even the loss of a concession.	The Group has been successful
	Additional financing might not be available when	in raising funds in the past and it
	needed, or if available, the terms of such financing	is our intention to raise
	might not be favourable to the Group and could	additional funds in future to
	involve substantial dilution to shareholders. In the	support	the		ongoing
	absence of adequate funding or cost reductions, the	development of the business.
	Group may not be able to continue as a going
Liquidity risk	concern.
The Group's approach to managing liquidity risk is	The Group	ensures	sufficient
	to ensure that it will have sufficient liquidity to meet	funds will be available to allow it
	liabilities when due. The Group's accounts payable	to meet its liabilities as they fall
	have contractual maturities of less than 30 days and	due. To achieve this, cash
	are subject to normal trade terms. In the short-	balances	and	cash flow
	term, liabilities will be funded by cash.	projections are reviewed by the
		Board on a regular basis. The
		Board will	not	commit	to
		material expenditures	prior	to
		being satisfied that	sufficient
		funding is available.

Key risks	Description of risk
Financial risks
Capital	The Group's objective when managing capital is to
management	safeguard the Group's ability to continue as a going
risk	concern and have access to adequate funding for its
	exploration and development projects so that it can
	provide returns for shareholders and benefits for
	other stakeholders. The Group manages the capital
	structure and makes adjustments in light of
	changes in economic conditions and risk
	characteristics of the underlying assets.

Price risk	The price risk is the risk that the fair value or future
	cash flows of a financial instrument will fluctuate
	because of changes in market prices, whether those
	changes are caused by factors specific to the
	individual financial instrument or its issuer, or
	factors affecting all similar financial instruments in
Foreign	the market.
The Group's exploration expenditure is made in
currency risk	Mexican pesos, Australian dollars or US dollars and
	head office expenses are predominantly made in
	the UK in pounds sterling. The Group is therefore
	exposed to the movement in exchange rates for
	these currencies.
	At the year end, the majority of the Group's cash
	resources were held in GBP and AUD. The Group
	therefore also has downside exposure to any
	weakening of GBP and AUD against the US dollar as
	this would increase expenses in US dollar terms and
	accelerate the depletion of the Group's cash
	resources. Any strengthening of GBP or AUD against
	the US dollar would, however, result in a reduction
	in expenses in US dollar terms and preserve the
	Group's cash resources.
	In addition, any movements in pounds sterling,
	Australian dollars or Mexican peso would affect the
	presentation of the consolidated statement of
	financial position when the net assets of the
	Mexican and Australian subsidiaries and the parent
	company in the UK are translated from their
Credit risk	functional currencies into US dollars.
The Group's credit risk is primarily attributable to
	cash and the financial stability of the institutions
	holding it.
	The Group's maximum exposure to credit risk is
	attributable to cash. The credit risk on cash is
	limited because the Group invests its cash in
	deposits with well capitalised financial institutions
	with strong credit ratings.

Mitigating factors

In order to maintain or adjust the capital structure, the Group may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Group has sufficient cash reserves to meet

future working capital requirements and to take

advantage of business opportunities.

The Group does not currently have any financial instruments in issue other than share options and warrants.

The Group does not hedge its exposure to price risk.

The Group does not currently hedge foreign exchange risk.

There is not considered to be any material exposure in respect of other monetary assets and liabilities of the Group.

The Group invests its cash in deposits with well-capitalised financial institutions with strong credit ratings.

Key risks	Description of risk
Financial risks
Investment	The Group may from time to time hold shares in
risk	other mining companies. There is not always a
	liquid market for the shares in companies and it
	may not always be possible to sell such shares at the
	optimum time or price.

Mitigating factors

The Group has previously been successful in realising value from investments.

Key risks	Description of risk
External risks
Metals prices	The Group's ability to obtain further financing will
	depend in part on the price of commodity prices,
	including copper, silver, lead, iron ore and zinc, and
	the industry's perception of its future price. The
	Group's resources and financial results of
	operations will also be affected by fluctuations in
	metal prices over which the Group has no control.
	A reduction in the metal prices could prevent the
	Group's properties from being economically mined
	or result in curtailment of existing production
	activities or result in the impairment and write-off
	of assets. The price of commodities, which is
	affected by numerous factors including inflation
	levels, fluctuations in the US dollar and other
	currencies, supply and demand and political and
	economic conditions, could have a significant
	influence on the market price of the Company's
	common shares.

Mitigating factors

It is an accepted risk that the Group's performance will be impacted by the price of metals.

The Board and management believe the price of precious metals in particular will increase in the long term.

The Group does not hedge its exposure to metals prices.

Key risks		Description of risk
Operational risks
Reliance	on	The Group relies on contractors to implement
contractors		exploration and development programmes. The
		failure of a contractor or key service provider to
		properly perform its services to the Group could

delay or inconvenience the Group's operations and have a materially adverse effect on the Group.

Mitigating factors

The Group has operated in Australia and in Zacatecas in Mexico, for several years and has well-established and trusted relationships with various contractors.

Key personnel The Group's business is dependent on retaining the services of a small number of key personnel of the appropriate calibre as the business develops. The Group has entered into employment agreements with certain key managers. The success of the Group is and will continue to be to a significant extent, dependent on the expertise and experience of the directors and senior management. The loss of one or more of these individuals could have a materially adverse effect on the Group. The Group does not currently have any insurance in place with respect to key personnel.

The Board has established a Nomination & Remuneration Committee which is responsible for considering succession

planning and ensuring remuneration is sufficient to attract and retain staff of the necessary calibre. The Company also has the ability, and track record, to attract new Directors and personnel if and when required.