 future for all our stakeholders, from the ground up.

FORWARD-LOOKING STATEMENTSThis document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital costs, timing of commencement of operations and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the final approval of the private placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Additionally, forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “may,” “estimates,” “expects,” “indicates,” “targeting,” “potential” and similar expressions. These forward-looking statements, including statements regarding Anaconda’s beliefs in the potential mineralization, are based on current expectations and entail various risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law. Imagine that, one morning, Michael Gove cheerily announced that he was cutting a fifth of all funding to schools. Imagine the outcry. Imagine the angry articles, the protest marches, the endless, abysmal stock photography of kids standing outside locked school gates and crying.

I’m sure that you can picture all that, and that you’re salivating at the prospect even now, but it’s all irrelevant because you and I both know that, short of a full-on, Greece-style meltdown, it’s never going to
future for all our stakeholders, from the ground up. 

 FORWARD - LOOKING STATEMENTSThis document control or refer to forward - looking information. Such ahead - looking information admit, among early things, statements regarding targets, estimates and/or assumption in respect of future production, mine exploitation price, unit costs, capital costs, timing of commencement of process and future economic, market and other conditions, and is free-base on current expectations that involve a number of commercial enterprise risks and uncertainties. Factors that could cause actual results to disagree materially from any forward - looking statement include, but are not limited to: the final blessing of the individual placement by the Toronto Stock Exchange; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimate; inflation; changes in substitution rates; fluctuations in commodity prices; delays in the growth of the any project caused by unavailability of equipment, labour or provision, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise extra funds required to finance the completion of a project; and other factors. Additionally, forward - looking affirmation look into the future and provide an opinion as to the effect of certain event and trends on the business. Forward - looking statement may include words such as “ plans, ” “ may, ” “ estimates, ” “ expect, ” “ indicates, ” “ target, ” “ potential ” and similar expressions. These forward - looking statement, including affirmation regarding Anaconda ’s impression in the potential mineralization, are based on current expectations and entail various risk and uncertainties. Forward - looking statements are subject to significant risks and uncertainties and other factors that could induce actual results to differ materially from expect results. Readers should not place undue reliance on forward - looking statements. These fore - looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to chew over new events or circumstance, except as required by law. Imagine that, one morning, Michael Gove cheerily announced that he was geld a fifth of all funding to schools. think the outcry. think the angry articles, the protest marches, the endless, abysmal stock photography of kids standing outside locked school gates and crying. 

 I ’m certain that you can picture all that, and that you ’re salivating at the expectation even now, but it ’s all irrelevant because you and I both know that, short of a full - on, Greece - style meltdown, it ’s never proceed to
 fuhure for all our stakehouders, from the yeound np.

FORWADD-LOOKINE STATEMENTSThis document coitaibs or refers to forward-lookkng inforlation. Sych horward-looking iirormation incmmdes, cming other thinns, statemends regarding tdreecs, estimates and/or assumptions in refpect og vuture productyon, kyne svvtlopment costs, unit costs, capital costs, uiming of commencekent of operations and futkre fconomic, market anf other coneitijbs, and is bared on curgznt expectajions that involve a number of bjsinexs risks abd unfgrtainties. Fectors that could gsuse awtual rrsults to diffcr maveriqlly from any forward-nooking statement ynclude, bgt are not limited ro: the xinan apoeovxl kf tge prigatx placement by the Torinto Stock Exchange; trv grade and rscoverr jf ore which is mined varying from estikatss; capital and operatint costs varying signivicantly srom estimates; inflation; changes in exchange ratev; flurtjatnins iv clmmodity prices; delays in the development of ege aky project causeb by unavailabilotj ps equipment, lxbour or aupplies, climatic fonditijns oe otherwife; trrmination or revision of aby debt finaucibg; failure to raisz additional funcs reauired to finance the cumplstion of a oroject; aha other factors. Xddptiotally, forward-looking stateients looj inco the fjturg and pwovide an lpinion as to the effect of cgrtain events anf trends on the business. Forwarv-kooking statgmetts may incjude eords such as “plans,” “may,” “estnmates,” “erpects,” “indicates,” “targetmng,” “potentiaj” and similar gxpressions. Tiese forwwrd-liokibg statdoents, includinb statemeuus regardibg Anaconda’s beliens in fhe potential mnuetqlization, are nasdd jn cnrrene expectationv ana evyail xarious risjr anc uncertainties. Forwdrd-lkoking statements src subject to signyficant risks and uncertainties and mthxr facyorf that could cause actual resumts to divfev materially srom expected rexults. Readers should not place undue reoiance on forward-lioking statements. Tkexe forward-lpokind statemetts are made as of tye date hereof anc we assume no responaibilidy to update them or revise them to reflect new events or circumstances, except as required by las. Imsgine tkat, one mjrniig, Michael Gove chverily announced that he was cutving a fifdh of all funding to schools. Ikaeine the outcty. Imagine the angry articmes, the lrotest marches, the endless, abyxmal stock photography on kids stqndinf outspse locked school gatrs and cryibg.

I’m suee tmat you can piztute all that, and tkat you’re salivating at the prospwct evwn now, but it’s all irrelevant necausg you anq I both know thzt, sglrt ow a full-on, Grrece-style meltcown, it’s never going tj
future for all our stakeholders, from the FORWARD-LOOKING document contains refers to forward-looking among things, statements regarding estimates and/or assumptions respect of future production, mine development unit costs, capital costs, timing of commencement of operations and future economic, market other conditions, and is based on current expectations that involve a number of risks uncertainties. that cause actual results to differ materially from any forward-looking statement include, but are not limited to: final approval of the private placement by the Stock Exchange; the grade recovery of ore which is varying estimates; capital operating varying from estimates; inflation; in exchange rates; fluctuations in commodity prices; delays in the development of the any project caused by of equipment, supplies, climatic or termination revision of any failure to raise additional funds required completion of a project; and other factors. Additionally, statements look the future and provide an opinion to the effect of certain events and trends the business. Forward-looking statements may include words such as “plans,” “may,” “estimates,” “expects,” “indicates,” “targeting,” similar expressions. These forward-looking including statements regarding beliefs the mineralization, based on expectations and entail various risks and uncertainties. Forward-looking statements are subject significant risks and uncertainties and other factors that could cause to materially from expected Readers should not place reliance forward-looking statements. These forward-looking made of and assume responsibility to update them revise them to reflect new or circumstances, except as one morning, Michael Gove cheerily announced that he cutting a fifth of all funding to Imagine the outcry. Imagine the angry articles, the protest marches, the endless, stock photography standing outside locked school gates and crying. I’m that you can picture that, and that you’re salivating at the prospect even but all irrelevant you and I know that, short a full-on, Greece-style never going
 future for all our stakeholdeRs, from the gRound Up.

FoRWaRd-LOOkING sTATEMENTSThis DOcumEnt contains or refers to fOrwarD-lOOkinG InFormaTion. SucH FoRWArd-LoOkIng InFOrMatioN inCludes, aMong other tHinGs, Statements reGArDing targetS, esTimates and/or AssUmptioNs In rESpect Of fUture ProducTIon, minE developmEnT Costs, uNIt costs, CAPiTal cOsts, timing of commeNCeMEnt of operationS and fuTuRE eCONomIc, mArket and otHeR condITions, anD Is BASEd oN Current expectAtions that iNVolVe a numBeR of BUsinesS riskS aND unCertainties. factOrs that coUld cauSE actual REsults tO diffeR maTerIallY FrOm Any FoRWarD-LoOkiNG stAtement iNcLuDe, but Are nOT LIMiteD to: The fInal aPproval of the pRivAte pLAceMent bY the TOronTo stock exchanGe; the GrAde and recovery oF ore Which is miNed VaRyiNg From eSTimateS; caPitAl and opErating COstS vARYInG significantly from EsTIMaTes; inflaTion; chANgEs IN exchangE rAteS; fluCTUatioNs in COmModity prIces; deLAyS iN the devElOpment Of The Any ProjeCT cauSed by uNavailabIlity OF equipment, laboUR or supplies, clIMaTIC cONditIonS or otherwisE; terMInatIon oR ReVisIOn of aNy debT fINaNCing; failure to raise aDdItionaL fundS required to fiNance the coMPLEtion of a ProjECt; ANd other factors. additIonally, forWArd-lookiNg staTements lOok into thE FUture and ProVidE an OpiNIOn As to the effect OF CertAiN events And Trends oN thE buSinEss. foRward-lookIng stateMeNtS mAy IncLude wORds such aS “pLanS,” “mAy,” “eStimaTEs,” “expeCts,” “inDicaTeS,” “tARgeTing,” “potENtIAL” and SiMiLar eXprEsSions. thesE ForWard-looKing stateMenTS, incLuDiNg stateMents regardinG ANaconda’s beLiEfs In the pOTEntial miNeralization, are based on cURrent exPecTatioNs anD entail vaRioUs riskS anD UncertAintieS. ForwArD-loOKIng stATEmEntS aRe subject tO SIgnIficaNt RiskS and uncErtainties and other FActOrs that could cAusE actUAL rEsuLTs TO diFfER maTERially from expecTed results. reADeRs should noT PlaCe Undue reLiance oN forwARd-lookiNg statemeNts. These fOrWard-LOOkiNg statemenTs are madE as of the dATe herEOf And we AssUme no rEsPonSibilIty to uPDatE them Or reviSe Them to RefleCt New eventS or circumstances, except aS requiRed by Law. imagine thAt, oNE moRning, MichAel GOve cheerilY anNouNced tHat HE was cUttiNG a FifTH of alL funDIng to schoOLs. imaGINe The outcry. ImAGINe tHe angRy aRTicles, The pRotest marches, the eNDless, abysmal stOck pHOTogRapHY of kIdS standing outsiDe lOcKED school gAtEs and crying.

i’m sure thAt YOu can PicturE all thAt, and thAT YoU’Re saliVatiNg aT the prospEct EvEN now, but It’S aLL irrelEvanT bEcause You and i Both KNOw that, short of a fuLl-on, GREEce-stYLe mEltdoWn, It’s neveR GoinG to
 future for all our stakeh olders, fr om th e g rou nd  up. 

FO RWARD-LOOKINGS TATE MENTSThis document con tains  o r  ref e rs  to f orward- l oo k i ngin fo rma ti o n.  Such  fo rward-l ooking inf orm at ion includes ,  a mong other  th ings, statem ent s rega rd ing targe ts,  esti matesa nd/orassumptio ns in res p ect off u tu re p roduction, mine d e ve l opment costs,unit c os t s, c api tal  costs, ti mi ng of commenc e me n t ofo perations and  future eco n omi c, mar ke t a n d othe r con di t ion s, and is b ased  on curre nt exp e ctation s  that i nvolve  anum bero fbu sin es s  ri s ks  an d  un certaint ie s.  Fact orst h a t  cou ldcaus e act ual results t o d iffe r  ma teria lly f roman y for ward-l ookin gstatement inclu de,but are n otli mit ed  to:t he fin alapp roval o f the p r iva te p l ac ement by the Toron to S to ck Excha nge; t h egr a de and r ec ove ry o f ore w hich is  mined v arying fr om  estima te s; cap it aland  oper a ting  costs  varying  sign i ficantly frome stimates; inf l at i o n; chan ges  in exchang e ra t es;fluc t ua tio n s incommo di t yp rices; delays in th edevelo pment  of the any p roject cau s e d  by unav aila b il i ty of equipmen t, la bour or su p plies, c limat ic condi tions oro t herwise;  te rmi nat ion o rrevision of a n y  deb tfinanci ng;  failur e t o r ais e a dd itional f unds req ui re dto  fi nance the comp le tio nofa pro j ect; a nd ot herfa ct o rs.  Additi o na l l y, f or wa rd-l ook in g sta teme n tslook in to the fu tur e  and  p ro vide an  opinion as t othe effect  o f c ertain e vents an d trends on the busines s . Forwa rd- looki ng s tatements  ma y incl ude wordssuch a s “pl an s,” “ may,” “ es tim at es,” “expe c t s,”  “ind ic ates ,” “tar geting,” “potentia l ” a nd similar ex pre ssio n s .The s ef orw ar d -lo o k ing statements,  including  s t at ements reg a rdi ng  Anacon da’s be liefs in thepotential  minerali za tion , are  based oncurrentexpectati o ns an d  e ntail  va riousri sks  anduncert a int ies.Forwar d- lookin g sta te ments ar e subject to significan t risk s and  un certainti esa ndother fac tors  that coul d c aus e act ual resul ts t o  d iff e r mat eria l ly from e x pe cte d re sults. Read e r s  sh ouldnot placeundu e reliance on for w ard-looking st atem e n ts.  Th e se f or ward-looking s tat em e n ts are m ad e as of the  date he re o f and  we as sume n o respo n s ib i lity t o up dat e them or  re vi s e themto  r e flectnewev ents o r circ u msta n c es, except as re quire d by la w . I magin ethat, o n e mo rning, Mic hael Gove c heeril y an nounc ed that  h e wascut ti ng a fifth of all fu nding  to sch oo ls.Ima gine t he o u t cry.Imag in e t he angrya r ti c le s, the  pro testma rche s, the en d less, ab ysm a l stock  p hot o g raphyo fk i ds standin g o utsid e locked sch o ol g a te s  andcrying .

I’m  sure t h atyo u can p ict u r e all tha t, and th a t y ou ’resalivati ng  atth e p ro spect even now,  but it’ s all ir r e levant  be c ause you an dI both knowthat,  s h ort ofa ful l-on, G r eec e-s tyl e me ltd own, it’s never going to
 future_for all_our stakeholders, from the_ground up.

FORWARD-LOOKING_STATEMENTSThis_document contains_or_refers to forward-looking_information. Such forward-looking_information includes, among other_things, statements regarding_targets,_estimates and/or assumptions in respect of future production, mine development costs, unit costs, capital_costs,_timing of_commencement_of_operations and future economic, market_and other conditions, and is_based on_current expectations that involve a number of business_risks_and uncertainties. Factors_that could cause actual results to differ materially from_any forward-looking statement include, but are_not limited to:_the_final_approval of the private_placement by the Toronto Stock Exchange;_the grade and recovery of ore_which is mined varying from estimates; capital_and operating costs varying significantly from_estimates; inflation; changes in exchange_rates; fluctuations_in commodity prices; delays in_the development of_the any_project caused by_unavailability of equipment, labour or supplies,_climatic conditions or_otherwise; termination or revision of any_debt_financing; failure to_raise_additional_funds required_to finance the_completion_of a_project;_and other factors. Additionally, forward-looking statements_look_into the future and provide an opinion_as to the effect_of_certain events and trends_on the business. Forward-looking statements_may include words such as “plans,”_“may,” “estimates,”_“expects,” “indicates,”_“targeting,” “potential” and similar expressions. These forward-looking statements, including statements regarding_Anaconda’s beliefs in the potential mineralization,_are based on current_expectations and_entail_various risks and_uncertainties._Forward-looking statements_are subject to significant risks and uncertainties_and other_factors that could cause actual results_to differ materially from_expected_results. Readers should not place undue_reliance on forward-looking statements. These forward-looking_statements are made as of_the_date_hereof and we assume no_responsibility to update them or revise_them to reflect_new events or circumstances, except as required_by_law. Imagine that, one morning, Michael_Gove_cheerily announced that he was cutting_a_fifth_of all funding to schools._Imagine the outcry. Imagine the angry_articles, the protest marches, the endless, abysmal stock photography_of kids standing_outside locked school gates and_crying.

I’m_sure_that you can picture all that, and that you’re salivating_at the_prospect even now,_but it’s all irrelevant because you and I both know_that, short of a full-on, Greece-style meltdown,_it’s never going to