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Trusted independent financial
                                                                                      advisor to the mining sector
                                                                                                                                                           2020: Advisor to
                                                                                        2021: Advisor to
                                                                                                              2021: Advisor to
                                                                                                                                                                                 2019: Advisor to
                                                                                                             Diversified Minerals
                                                                                                                                   Cassini Resources
                                                                                     Geopacific Resources
                                                                                                                                                         Diversified Minerals
                                                                                                                                                                                Diversified Minerals
                                                                                                            Advised on the A$20m sale
                                                                                                                                   Joint defence advisor in
                                                                                      Advised on the US$100m
                                                                                                                                                                                Advised on the A$100m
                                                                                                                                                         of the Dargues gold mine in
                                                                                                             of the Henty gold mine in
                                                                                                                                                                                  financing (Loan and
                                                                                                                                    relation to the A$76m
                                                                                      financing (Loan and Stream)
                                                                                                                                   takeover by OZ Minerals.
                                                                                                                                                             NSW to Aurelia.
                                                                                                                                                                                Royalty) for the greenfield
                                                                                      for the greenfield Woodlark
                                                                                           gold project.
                                                                                                                                                                                  gold mine in NSW.
                                                                                        2018: Advisor to
                                                                                                                                                           2016: Advisor to
                                                                                                              2018: Advisor to
                                                                                                                                     2017: Advisor to
                                                                                                                                                                                 2014: Advisor to
                                                                                       Explaurum Limited
                                                                                                                                                              PanAust
                                                                                                                                                                                 Discovery Metals
                                                                                                               Stanmore Coal
                                                                                                                                      OZ Minerals
                                                                                     Defence advisor in relation to
                                                                                                                                                          Advised on the US$90m
                                                                                                                                                                                Advised in relation to the
                                                                                                             Advised on the A$30m
                                                                                                                                   Advised on the financing
                                                                                                                                                                               recapitalisation options and
                                                                                                                                                           refinancing of the Ban
                                                                                       the unsolicited A$89m
                                                                                                            acquisition of the Wotonga
                                                                                                                                   strategy for the greenfield
                                                                                        takeover by Ramelius
                                                                                                                                                          Houayxai and Phu Kam
                                                                                                                                     development of the
                                                                                                               South Project from
                                                                                                                                                                                sale to Cupric Canyon.
                                                                                           Resources.       Tasmania to Catalyst Metals.  2020: Joint Advisor to    Advised on the A$200m sale   development of the Dargues
                                                                                                                Peabody Energy.
                                                                                                                                   Carrapateena copper-gold
                                                                                                                                                         copper-gold mines in Laos.
                                                                                                                                        mine in SA.
      Corporate and project finance advisory specialists                                                                                       T +61 2 9133 9000   |   www.icapartners.com.au
         and Australia are probably over.
           Canada waved through Zijin Mining
         Group’s acquisition of TSX-listed Neo
         Lithium Corp last year, saying it saw no
         risks to national security.
           But speaking to the Globe and Mail in
         June, Jonathan Wilkinson, Natural Re-
         sources Minister, signalled a change in
         stance. “I do think that it is appropriate for
         us to pause and reflect on whether we will
         allow those kinds of transactions going
         forward,” he said.
           This is not just a question of ownership
         but also of offtake deals if material is be-
         ing shipped to China for refining.
           “Canada needs to ensure that it is
         protecting itself in an area that is clearly
         strategic and ensuring that those supply
         chains will be robust for our allies,” Wilkin-                               Trusted independent financial
         son said.                                                                    advisor to the mining sector
           The investment climate has just got a
         lot chillier for Chinese operators and there
         has already been a hostile reaction.
           The DoD said on June 28 it was “aware
         of  the  recent  disinformation  campaign”
         against Lynas and other rare earth mining
         companies operating in the US.
       Trusted independent financial
           This follows claims by US-based cyber-
       advisor to the mining sector                                                     2021: Advisor to      2021: Advisor to    2020: Joint Advisor to    2020: Advisor to     2019: Advisor to
                             Trusted independent financial
         security  firm  Mandiant  that  a  pro-China
         propaganda campaign used fake social   Lynas Rare Earths is the first of what could be many Australian critical minerals producers   Cassini Resources  Diversified Minerals  Diversified Minerals
                                                                                     Geopacific Resources
                                                                                                             Diversified Minerals
                             advisor to the mining sector
                                                                                      Advised on the US$100m
                                                                                                            Advised on the A$20m sale
         media accounts to try to stir up opposition                    to strike agreement with the US Government over supply      Joint defence advisor in   Advised on the A$200m sale   Advised on the A$100m
         to proposed new mines and plants.                                            financing (Loan and Stream)   of the Henty gold mine in   relation to the A$76m   of the Dargues gold mine in   financing (Loan and
           China’s  Computer  Emergency  Re-                                          for the greenfield Woodlark   Tasmania to Catalyst Metals.  takeover by OZ Minerals.  NSW to Aurelia.  Royalty) for the greenfield
                                                                                           gold project.
         sponse Team (CERT) and embassy in     While the immediate focus is on Rus-  The era of globalised trade patterns in                                                   development of the Dargues
                                                                                                                                                                                  gold mine in NSW.
         Washington did not respond to a Reuters   sia’s role in the energy sector, there is a   strategic commodities is over, according
         request for comment.                 recognition that critical minerals could be   to Freeland.
                                                                                    Friend-shoring is going to be “the big
           It’s a warning sign of what may come
        2021: Advisor to      2021: Advisor to   next. 2020: Joint Advisor to    2020: Advisor to    2019: Advisor to
      Geopacific Resourcespolarisation  of  critical   “Being  dependent  on   Diversified Minerals  Diversified Minerals  2019: Advisor to
                                                                                  economic and geopolitical issue” going
         if  the  geopolitical
                                                  Cassini Resources countries  that
                            Diversified Minerals
                               2021: Advisor to
                                                    2021: Advisor to
                                                                                                2020: Advisor to
                                                                        2020: Joint Advisor to
         minerals supply turns ugly.
                                                  Joint defence advisor in
      Advised on the US$100m   Advised on the A$20m sale  do not always share our perspectives on   forwards and “the world has not yet really
                                                                      Advised on the A$200m sale
                                                                                             Advised on the A$100m
                                                                         Cassini Resources
                                                   Diversified Minerals
                                                                                              Diversified Minerals
                            Geopacific Resources
           The MSP marks a new chapter in the
      financing (Loan and Stream)   of the Henty gold mine in  global affairs, and that have shown the   started to properly grapple with how big a  Diversified Minerals
                                                   relation to the A$76m
                                                                                              financing (Loan and
                                                                      of the Dargues gold mine in
                                                                         Joint defence advisor in
                                                                                                                    Advised on the A$100m
                                                  Advised on the A$20m sale
                                                                                             Advised on the A$200m sale
                             Advised on the US$100m
                                                                                            Royalty) for the greenfield
                                                                          NSW to Aurelia.
      for the greenfield Woodlark  story.  The  pressure  to   takeover by OZ Minerals.  relation to the A$76m  2018: Advisor to   2018: Advisor to   2017: Advisor to   2016: Advisor to   2014: Advisor to
                                                                                  deal this is”.
         critical  minerals
                           Tasmania to Catalyst Metals.ability at times to use their control of some
                             financing (Loan and Stream)
                                                   of the Henty gold mine in
                                                                                             of the Dargues gold mine in
                                                                                                                     financing (Loan and
                                                                                           development of the Dargues
           gold project.
         decouple from China has been growing   of these resources as a weapon, is not a        Explaurum Limited  Stanmore Coal      OZ Minerals              PanAust           Discovery Metals
                                                                        takeover by OZ Minerals.
                                                                                                 NSW to Aurelia.
                             for the greenfield Woodlark
                                                  Tasmania to Catalyst Metals.
                                                                                                                   Royalty) for the greenfield
                                                                                               - Andy Home, Reuters
                                                                                               gold mine in NSW.
                                  gold project.
         for several years but Russia’s invasion of  very good strategy,” warned Canada’s   Defence advisor in relation to    Advised on the A$30m   Advised on the financing   Advised on the US$90m  Advised in relation to the
                                                                                                                  development of the Dargues
                                                                                                                     gold mine in NSW.
         Ukraine has concentrated minds.      Wilkinson.                               the unsolicited A$89m   acquisition of the Wotonga   strategy for the greenfield   refinancing of the Ban   recapitalisation options and
                                                                                        takeover by Ramelius   South Project from    development of the   Houayxai and Phu Kam   sale to Cupric Canyon.
                                                                                           Resources.           Peabody Energy.    Carrapateena copper-gold   copper-gold mines in Laos.
                                                                                                                                        mine in SA.
        2018: Advisor to      2018: Advisor to     2017: Advisor to      2016: Advisor to     2014: Advisor to
       Explaurum Limited      Stanmore Coal         2018: Advisor to      2017: Advisor to   Discovery Metals        2014: Advisor to
                                                                            PanAust
                                                     OZ Minerals
                               2018: Advisor to
                                                                                                2016: Advisor to
     Defence advisor in relation to    Advised on the A$30m   Advised on the financing   Advised on the US$90m  Advised in relation to the     T +61 2 9133 9000   |   www.icapartners.com.au
                              Explaurum Limited
                                                                            OZ Minerals
                                                                                                   PanAust
                                                     Stanmore Coal
        the unsolicited A$89m   acquisition of the Wotonga   strategy for the greenfield   refinancing of the Ban   recapitalisation options and   Discovery Metals
                                                    Advised on the A$30m
                                                                                              Advised on the US$90m
                                                                        Advised on the financing
        takeover by Ramelius   Defence advisor in relation to    development of the   Houayxai and Phu Kam   sale to Cupric Canyon.  Advised in relation to the
                              South Project from
                                                                        strategy for the greenfield
                                                                                               refinancing of the Ban
                                                  acquisition of the Wotonga
           Resources.         the unsolicited A$89m   Carrapateena copper-gold   copper-gold mines in Laos.  Houayxai and Phu Kam   recapitalisation options and
                               Peabody Energy.
                               takeover by Ramelius
                                                     South Project from
                                                                                                                    sale to Cupric Canyon.
                                                                          development of the
                                                      mine in SA.
 Trusted independent financial    Resources.          Peabody Energy.   Carrapateena copper-gold   copper-gold mines in Laos.
                                                                             mine in SA.
 advisor to the mining sector
                                                             T +61 2 9133 9000   |   www.icapartners.com.au
                                                                                    T +61 2 9133 9000   |   www.icapartners.com.au
                                                                                    ABN: 55 158 181 241  AFSL: 470003
                                                                                   aUSTRaLIa’S PaYDIRT   aUgUST 2022    Page 7
 2021: Advisor to    2021: Advisor to    2020: Joint Advisor to    2020: Advisor to    2019: Advisor to
 Geopacific Resources  Diversified Minerals  Cassini Resources  Diversified Minerals  Diversified Minerals
 Advised on the US$100m   Advised on the A$20m sale   Joint defence advisor in   Advised on the A$200m sale   Advised on the A$100m
 financing (Loan and Stream)   of the Henty gold mine in   relation to the A$76m   of the Dargues gold mine in   financing (Loan and
 for the greenfield Woodlark   Tasmania to Catalyst Metals.  takeover by OZ Minerals.  NSW to Aurelia.  Royalty) for the greenfield
 gold project.                            development of the Dargues
                                               gold mine in NSW.
 2018: Advisor to   2018: Advisor to   2017: Advisor to   2016: Advisor to   2014: Advisor to
 Explaurum Limited  Stanmore Coal  OZ Minerals  PanAust  Discovery Metals
 Defence advisor in relation to    Advised on the A$30m   Advised on the financing   Advised on the US$90m  Advised in relation to the
 the unsolicited A$89m   acquisition of the Wotonga   strategy for the greenfield   refinancing of the Ban   recapitalisation options and
 takeover by Ramelius   South Project from    development of the   Houayxai and Phu Kam   sale to Cupric Canyon.
 Resources.  Peabody Energy.  Carrapateena copper-gold   copper-gold mines in Laos.
 mine in SA.
 T +61 2 9133 9000   |   www.icapartners.com.au
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