Offtake Agreements

In April 2019 G6M announced it had entered into an Offtake Agreement for tungsten concentrate with Wolfram Bergbau und Hutten AG, a wholly owned subsidiary of Sandvik AB, an international engineering group working within the mining and rock excavation, metal cutting and materials technology sectors.

The Wolfram Agreement is for the delivery of 140,000 metric tonne units or 1,400 tonnes of WO3, over a four-year period. This equates to the export of approximately 2,200 tonnes of concentrate, produced by the redeveloped Dolphin Tungsten Mine over that period.

At full production, the redeveloped Dolphin Tungsten Mine is expected to produce approximately 2,000 tonnes of W per annum, contained in 3,200 tonnes of concentrate.

As such, the Wolfram Agreement represents approximately 20% of its annual production.

In September 2021, the Company secured an offtake with the Traxys Group.

Traxys is a physical commodity trader and merchant in the metals and natural resources sectors. Its logistics, marketing, distribution, supply chain management and trading activities are conducted by over 450 employees, in over 20 offices worldwide, and its annual turnover is in excess of USD 7 billion. Headquartered in Luxembourg, Traxys is engaged in the sourcing, trading, marketing and distribution of non‐ferrous metals, ferro‐alloys, minerals, industrial raw materials and energy. The Traxys Group serves a broad base of industrial customers and offers a full range of commercial and financial services.

Traxys, a privately held company, is owned by Traxys’ management team, The Carlyle Group (NASDAQ:CG), and affiliates of Louis M. Bacon, the founder of Moore Capital Management, LP, and Moore Strategic Ventures, LLC, Mr. Bacon’s privately held investment company.

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