Pala InvestmentsAn investment company focused on value creation in the metals and mining space

Who we are

Pala is an investment company focused exclusively on the metals and 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 over 90 companies in 25 countries across six continents.

Pala works in partnership to unlock value by:

Providing long-term capital for development, expansion and optimization.

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.

1With 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

Where we invest

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 opportunities.

Development stage companies – where cash flow generation is expected within a modest period of time.

Turnaround situations – with troubled, under-appreciated or over-looked businesses looking to realize their potential.

Pala invests in all commodities and all geographies where value-creation opportunities 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.

2Pala 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 optimizations 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 operations, 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.

3Pala 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 RecordA strong track record of forming partnerships with management teams, boards and shareholders to create long-term value

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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

Preliminaryeconomic assessment

Pre-feasibility study

Definitive feasibility study Construction Production Expansion

Apr 2007

Oct 2011

Present

Oct 2011

Exit

Gangama Dry Mining

Lanti Dry Mining

Exit

Lance Dec 2010

Present

Achmmach Dec 2016

Present

Case study – Executing a turnaround

Our long-term investment horizon enables us to look through near-term challenges, and instead focus on fundamental value. This philosophy was a key component of Sierra Rutile’s successful turnaround and exit to market leader, Iluka Resources.

History

Pala acquired a 30% stake in Sierra Rutile (“SRL”), the Sierra Leonean mineral sands producer, in September 2010 and subsequently increased its holding to over 50%.

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

Pala, in collaboration with Sierra Rutile’s employees, shareholders and other stakeholders, was successful in implementing the following:

Strategic business plans – Execution of a strategic business plan, repositioning SRL operations from a capital-intensive dredging operation, to a more flexible dry mining business focused on cash generation across the commodity cycle.

Investments and expansion projects – Focused investment in process optimisation and operational efficiency, as well as the successful construction and commissioning of expansion projects; the Lanti Dry Mine in 2013 and the Gangama Dry Mine in 2016.

Production growth – SRL’s rutile production increased from 68,000 tpa in 2010 to a record run-rate production of 172,000 tpa in Q3 2016, making SRL the world’s largest producer of natural rutile.

Stakeholder relations – Re-establishment of a positive and cooperative relationship with the Government of Sierra Leone, including repayment of its loan, and enhanced focus on community, including environmental, infrastructure, educational and healthcare projects.

6During its partnership with Pala, Sierra Rutile was transformed from a loss-making company to a business that

has generated EBITDA in excess of US$100 million p.a., and became the world’s largest producer of natural rutile

Turnaround of dredge mining operations – Sierra Rutile

Successful exit to market leader, Iluka Resources

In December 2016, Pala completed the sale of its 53% interest in SRL to a leader in the mineral sands industry, Iluka Resources.

The transaction valued SRL at £215 million.

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 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 operation.

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 financings 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.

7Since 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

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 of a new CFO, and various VPs to support the company’s international growth.

8Gemcom 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 owners of Swanmet accessed an exit with Pala that would not have otherwise been possible, returning an additional 53% on their investment.

9Pala sold Norcast for $190 million, on an original investment of $74 million.

Creation of a leader in mine products – Norcast Wear Solutions

Case study – Backing management groups

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Concord is a global trading company focused on the supply chain and risk management of non-ferrous metals. As a founding investor, Pala backed an experienced management team providing the capital needed to turn a business plan into a successful business.

Backing the right team

Pala recognizes the value of a top caliber management team in making an investment successful

The management team at Concord was formed from the chief traders at Noble’s former LME metals trading group

Excellent track record and long history of working together

The existing relationships and know-how to execute from day one

Pala helped provide the capital required to seed the business into global operations

Expanding the capabilities of the Pala Group

Investing in a commodities trader has resulted in beneficial synergies for Concord, Pala and our portfolio of investee companies:

Market insight: Continuous communication with Concord’s traders provides Pala with unique insight into the commodities markets

New opportunities: Expands Pala’s global contact network and has served as a productive source of new investment opportunities

Portfolio benefits: Concord’s experience in marketing, logistics and risk management has been utilized across Pala’s portfolio to benefit our investee companies

Benefits of Partnering with Pala

Pala was able to help build clear and rigorous corporate governance systems and procedures

Having a strong and reputable financial backer enabled Concord to secure more than $500m to date in financing lines on attractive terms

Leveraging the Pala network to access further business development opportunities

Pala works to provide Concord with concentrate production from current portfolio companies and, where appropriate, looks to structure Concord as the marketer when making new investments

Concord has traded in excess of $2.5bn worth of material in its first 5 months of operations and secured >$500m in bank financing.

Building a global commodities trading platform – Concord Resources

Offices in New York, London and Hong Kong allow Concord to operate seamlessly across the globe

Case study – Thematic investing

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Pala leverages the extensive experience and diverse backgrounds of its team to identify and capitalize on global trends and investment themes that shape commodity markets. Founding and taking Cobalt 27 public allowed Pala to create the liquidity required to invest in a core pillar of the electric vehicle thematic.

Research driven investing

Pala develops research driven, top-down investment themes to arrive at differentiated views on markets and value

Bringing together a team with diverse backgrounds in investing, trading, forecasting and operating mines to build robust investing strategies

Pala identified cobalt when it was trading near record lows as a key beneficiary of its internal view of electrification and batteries

Flexibility to respond to opportunity

Pala’s flexible investment mandate allows capital to be quickly deployed in areas that maximize value - often where others can’t

Responding to the absence of investment opportunities in cobalt, owing to its role as a byproduct metal, Pala successfully built a portfolio of physical metal and royalties that was used to seed Cobalt 27

Entering the physical cobalt market allowed Pala to gain price exposure ahead of rising prices while running parallel efforts to develop an investable cobalt vehicle

Investor’s only choice for pure play cobalt exposure

Cobalt 27 is listed on the TSX-V providing the broader investment community with the only investment option of scale to get exposure to the cobalt investment theme

Creating a publicly traded cobalt equity provided Pala with the liquidity required to manage and diversify its investment exposure

Pala is a supportive shareholder, lending its in depth knowledge of the cobalt market and in-house capabilities to enable Cobalt 27 to execute on its phase II business plan of undertaking cobalt streaming transactions

Cobalt 27 is traded on the TSX-V and offers investors the only pure play way to gain exposure to the cobalt market

Building a global commodities trading platform – Concord Resources

Drums of refined cobalt metal securely stored in a bonded LME warehouse

Case studies – Partnering with mining investors and entrepreneurs

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

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.

Transforming a family-owned business into a leading contractor in the Americas

Supportive partner – Pala acquired a strategic interest in Dumas and supported the business through M&A and organic growth making Dumas a leading and innovative contractor in the Americas.

Active in 10 countries, servicing > 40 clients with > 8,000 employees.

Currently in the top 25 largest contractors in the world as per the 2017 Mining Journal.

First contractor to work on an underground mine that uses an electricity and battery-powered underground fleet (Borden, Goldcorp).

Capital provider – Pala has supported Dumas with capital to execute significant underground shaft and development contracts.

Expertise and network – Pala has provided strategic and operational assistance to management as well as access to its vast Mining network to help Dumas win contracts.

12Pala actively seeks opportunities to invest in the mining space with like-minded investors and entrepreneurs.

Central processing plant – Peninsula Energy Number 1 choice for underground mining and construction

Case studies – Strategic investor in platforms for growth

Pala acts as a strategic investor to support development of cornerstone assets that can underpin multi-asset platforms.

Transitioning the Achmmach Tin Project into a cornerstone asset

Development of a strategic asset – Pala recognizes the Achmmach Project as one of the only scalable near-term sources of new tin supply, making it a strategic asset in an attractive market.

Pala sees strong potential for Achmmach to underpin the development of Kasbah into a larger-scale, multi-asset tin company.

Advancing to a construction decision – Pala is supporting management in construction readiness and to secure project financing

Board and management strengthening – Supported the company in strengthening board and adding management depth to drive project to next stage of development

Financial support – Pala has provided ongoing financial support including a A$1 million loan and A$3.7 million equity investment with the aim of investing further alongside construction financing.

Long-term partner – Pala looks to continue to provide strategic support in the construction and operation of Achmmach as well as strategic M&A and growth opportunities.

Supporting an emerging platform for phosphate production

Strategic investor in a pipeline of phosphate assets – In March 2017, Pala invested in Itafos by way of a C$13 million equity investment to support the recommissioning of the Itafos-Arraias operations and strategic initiatives around Itafos’ portfolio of global phosphate assets.

The Itafos-Arraias operations in central Brazil comprise of a phosphate mine, processing facilities, and related infrastructure.

Itafos’ asset portfolio includes near-term development opportunities through its holdings in GB Minerals and Stonegate Agricom, as well as a pipeline of projects in Brazil and Peru.

Supportive partner – Pala has provided strategic and operational assistance to management, including the following:

Support to management in recommissioning, including technical oversight and implementation of management systems.

Support in strategic and corporate development, including growth opportunities and governance.

13Pala actively partners with like-minded investors in building platforms for growth in strategic markets.

Development of the Achmmach Tin Project into a cornerstone asset – Kasbah Resources Integrated Itafos-Arraias operations – Itafos

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 opportunity, 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 expertise 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

TeamAn 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 manages 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.

Pala’s in-house technical team drives 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.

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.

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. In addition, it oversees Pala’s liquid portfolio.

The legal team is 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

Technical & operations team

Finance team

Legal team

Advisers Pala’s advisers provide expert consultancy advice in their respective fields of excellence – supporting Pala in evaluation and structuring of both new and ongoing investments.

Management team

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Stephen Gill – Managing Partner

Stephen is a Managing Partner at Pala, with oversight of Pala's private equity and liquid investment portfolios.

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 as the 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 implementing 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.

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 Nevada Copper and Kasbah Resources (ASX: KAS), and was previously a director of Sierra Rutile and Asian Mineral Resources.

Evgenij Iorich – Managing Partner

Evgenij is a Managing Partner at Pala, and is responsible for oversight of Pala's private equity and liquid investment portfolios.

Evgenij has joined Pala in 2006 and has over fifteen years of experience in the natural resources sector. Since joining Pala, Evgenij has worked on a wide range of strategic initiatives, M&A opportunities, operational and financial planning and structuring in emerging markets. His commodity experience extends across a broad range of bulk commodities, base and precious metals, uranium, as well as other commodities. Evgenij has closely worked with a number of Pala’s portfolio companies, including Nevada Copper (TSX:NCU), Peninsula Energy (ASX:PEN), Sierra Rutile (AIM:SRX), Itafos (TSX-V:IFOS), and a number of private companies. He is a director of Nevada Copper, Peninsula Energy and Itafos. In addition, with his considerable experience in oil and gas, is also a director of SerinusEnergy (TSX:SEN).

Prior to joining Pala, Evgenij was a financial manager at Mechel, the Russian metals and mining company.

Evgenij graduated from the University of Zurich with a Master of Arts degree.

Management team

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John Nagulendran – Managing Partner / General Counsel

John is a Managing Partner at Pala, with oversight of Pala's private equity and liquid investment portfolios.

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 Sierra Rutile (AIM:SRX), Asian Mineral Resources (TSXV:ASN), Concord Resources and Kasbah Resources (ASX: KAS). 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 was with 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.

Richard Brown – Chief Financial Officer

Richard has been at Pala since November 2008. Richard is responsible at Pala for fixed income and currency trading, treasury and liquidity 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 of 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 nineteen 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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Anthony Milewski – Managing Director

Anthony has spent his career in various aspects of the mining industry, including as a company director, advisor, founder and investor.

Anthony has managed numerous mining investments at various stages of development, including exploration, development, production and turnaround situations, and across a broad range of commodities. He has served as a director of both public and private companies and has been seconded as interim CEO on multiple occasions. 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.

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.

Phil Day – Senior Vice President

Phil is head of the Technical and Operations Team at Pala, with oversight of all technical matters relating to Pala’s investments. He is also currently the COO for Nevada Copper Corp, one of Pala’s investment companies.

Phil has over 20 years’ experience in mining projects globally, focusing on operations, design and consulting. He joined Pala in early 2014, and has been directly involved in operations and development projects with several portfolio companies.

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 of 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, MinaraResources 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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Aline Carnizelo – Vice President

Aline joined Pala in 2011. She is Portfolio Manager of Pala’s proprietary commodity trading book; which includes managing the absolute returns on both the physical commodities and derivatives investments. Aline also leads the risk management modelling efforts at Pala.

Aline has fourteen years of experience in portfolio management, equities, derivatives and rates trading, fundamental research, risk analysis, syndicated finance, debt restructuring, private and equity capital markets.

Prior to joining Pala in 2011, Aline worked at the World Bank -IFC where she managed a portfolio of investments in the manufacturing sector and executed several syndicated loan transactions.

Before this, Aline was part of the ABN AMRO Equity Capital Markets team, where she executed a number of IPOs. Prior to joining the ECM team at ABN AMRO, Aline worked on the treasury department as interest rates trader and liquidity risk modeler.

Aline began her career at the Louis Dreyfus Group in Brazil, where she worked as an economist responsible for estimating commodities’ demand and modelling hedging risk.

Aline holds BSc in economics, a MS in Finance and Risk Management and a MBA from the IE Business School, graduated with honors.

Jessica Fung – Vice President

Jessica is head of Pala’s in-house macro and commodities research. Her work contributes to Pala’s long-term and liquid investment strategies, with a focus on emerging technologies such as the impact of electric vehicles, renewables, recycling and blockchain on commodities markets. Prior to joining the investment team at Pala, Jessica was a Commodities Strategist at BMO Capital Markets, a member of their top-ranked Metals & Mining global research team.

Jessica is a frequent speaker at industry events, most recently Natural Resources Forum’s “The Future of Transport Fuel: Fill-up or Plug in?” and CRU’s “Metals in the Future” conferences. She has appeared on CNBC, Bloomberg TV, CBC’s The Exchange and BNN television, and been cited in other press such as the Financial Times, Wall Street Journal, Reuters and Globe & Mail.

Jessica holds an MBA from the Rotman School of Management at the University of Toronto, and a BAA from Ryerson University.

Management team

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Nicholas Slade – Vice President

Nick joined Pala in 2018 as part of the Technical and Operations Team. Nick has over 20 years’ experience as an international mining professional in both management and technical roles, spanning various operating companies, consulting and project development roles.

Prior to joining Pala, Nick worked for five years with Trafigura as Chief Mining Engineer - Underground, having previously worked for three years for Golder Associates, and eight years at Xstrata.

Nick has significant experience in hard rock base metal mining having managed underground mining operations and has also had leading roles in conducting due diligence for equity and offtake interests, and overall project management / technical leadership of mining projects.

Nick is a Fellow of the IMMM; a Chartered Engineer; and a Fellow of the AusIMM (CP), has also authored and reviewed a range of papers in various fields of his experience and is a co-editor of the AusIMM Mine Manager's Handbook.

Nick holds a BEng in Mineral Surveying & Resource Management and a MSc in Mining Engineering from the Camborne School of Mines, UK.

Kate Southwell – Vice President, Senior Legal Counsel

Kate is Vice President - 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. Kate is also General Counsel of Nevada Copper Corp (TSX:NCU) which is building the Pumpkin Hollow mine in Nevada, USA, and recently negotiated the EPC construction contract and underground mining contracts, as well as several other commercial contracts for the company. Kate was also a director of Asian Mineral Resources (TSXV:ASN) and Dumas Mining.

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.

Management team

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Tom Solomon – Senior Manager

Tom is responsible for Pala’s equity portfolio within the Liquid Investment Strategy. He is the portfolio manager of this absolute return fund, with a mandate to invest globally across metals & mining and affiliated industries. He is also involved in managing core positions of Pala Investments.

Prior to joining Pala, Tom was an investment analyst within the Natural Resources team at Investec Asset Management in London. He provided fundamental equity research across the Metals & Mining sector and was responsible for investments in several strategies, including the highly rated Global Gold Fund. Before joining Investec in 2011, Tom began his career with Macquarie Capital’s investment banking division in Sydney.

Tom holds a Bachelor of Commerce from the University of Sydney, as well as a Bachelor of Laws from the same institution.

Phillip Robinson – Senior Manager

Phillip joined Pala in 2015 and is a Senior Manager in the investment team. He has been closely involved in the execution of a number of key transactions including Pala’s investments in Altura Mining (ASX: AJM), Cobalt 27 Capital Corp (TSXV: KBLT) and commodities trader Concord Resources Limited. Phillip has also supported a number of Pala portfolio and investee companies including the restructuring and project development of Nevada Copper (TSX: NCU).

Prior to joining Pala, Phillip was based in Toronto as part of the investment team at Manulife Capital, the private equity investment group of Canada’s largest insurance company. In this role he was responsible for transaction execution and portfolio management across private equity and mezzanine debt investments, primarily in North American middle market companies. Prior to working in private equity, Phillip was a part of Manulife’s Proprietary Investments group, investing in global public equities for the Company’s balance sheet.

Phillip holds an HBA from the Richard Ivey School of Business at Western University in London, Ontario.

Management team

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Shane Attersley – Manager

Shane joined Pala in 2016 and is a Manager in Pala’s legal team and provides legal and transactional support on Pala’s current acquisitions and divestments, as well as to a number of Pala’s portfolio companies, including Asian Mineral Resources (TSXV: ASN), Melior Resources (TSXV: MLR) and Peninsula Energy (ASX: PEN). Shane also helps manage litigation and regulatory matters for both Pala and Pala’s various portfolio companies.

Prior to joining Pala, Shane spent 6 years at Torys LLP in their Toronto, Canada office where his legal practice focused on corporate M&A, private equity and securities transactions.

Shane obtained both his JD (with distinction) and his BA (Honours) from Western University in London, Canada and was admitted to the Ontario Bar in 2012.

Pala Advisers

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Mike Brown

Mike is a seasoned mining executive and has over 35 years’ experience in the field.

During his tenure at Pala Investments between 2011 and 2017, he led the development, construction and expansion projects at Sierra Rutile (AIM:SRX), Asian Mineral Resources (TSX.V:ASN), Nevada Copper (TSX:NCU) and was Chairman of African Thunder Platinum.

Prior to joining Pala, he was the Chief Operating Officer De Beers Consolidated Mines Ltd (“DBCM”), where he was responsible to the CEO and Board for all operations in South Africa, including production at five mines, the planning and execution of construction projects and strategic business development. Mike managed a number of significant restructuring projects. Mike was also 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 of 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, and African Thunder Platinum, and is a Managing Partner for Palaris in the Africa Region

Martyn Buttenshaw

Mr. Buttenshaw has a wealth of mining experience. Martyn was a former Managing Director of Pala Investments and over the last nine years worked closely with several of Pala’s portfolio companies in both commercial and technical functions including Sierra Rutile Limited, Norcast Wear Solutions and Melior Resources, assisting their execution of strategic plans, expansion projects, product marketing strategy, development of corporate governance practices and in the achievement of operational goals.

Martyn previously worked for Anglo American plc. as a business development manager and for Rio Tinto as a senior mining engineer. MrButtenshaw is currently Chairman of Melior Resources Inc. (TSXV:MLR) and a non-executive director of Kasbah Resources Ltd. (ASX: KAS). Martyn holds an MBA with distinction from the London Business School and a MEng (First Class) in Mining Engineering from the Royal School of Mines, Imperial College, London.

Contact

Pala Investments

Gotthardstrasse 26, 6300 Zug, Switzerland

+41 41 560 9070

info@pala.com

www.pala.com