Clarifying Statements Regarding The Activities Of Segilola Resources Operating Limited

Our attention has been drawn to recent online media articles referring to Segilola Resources Operating Limited.

We wish to clarify that Segilola Resources Operating Limited is a private company duly incorporated under the laws of the Federal Republic of Nigeria and licensed by the Federal Ministry of Mines and Steel Development.

The company has no government affiliations or alliance with any political party at any level and has never and will never collude with any individual or organisation to deny or deprive either the federal, state or local government of any revenue due to them by law.

After   an   extensive   period   of   exploration,   completion   of   feasibility   studies   and   construction,   the Company commenced  commercial  production  a  year  ago,  and  has  fulfilled  its  statutory  obligations  by paying  all  due  royalties  and  statutory  fees  to  the  Federal  Government  of  Nigeria  on  time  as  expressly provided for in the  Constitution of the Federal Republic of Nigeria, the Nigerian Minerals and Mining Act,

2007 and the Nigerian Minerals and Mining Regulations, 2011.

Through our environmental sustainability initiatives, we have instituted a world-class operating system to prevent any form of environmental pollution that could endanger the people of   Osun and our environment.    Environmental monitoring is continuously carried out and audited by qualified independent third-party consultants with the results submitted to the  Ministry of  Mines and  Steel Development as well as the Federal Ministry of Environment.

We operate as a world-class operating mine, in line with global best practices which is a demonstration of what can be achieved in Osun State and the Nigerian Mining Sector.

For: Segilola Resources Operating Limited

Austin Menegbo

Country Manager