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Copyright notice Europe: open for mining? survey is protected by the copyright law. Any form of reproduction or copying of the whole or part of the survey without written consent from Avantix Ltd is strictly prohibited. Survey organiser - Advantix Ltd Founded in 2002 Advantix Ltd is a UK-registered Business Events and Communications company with strong focus and in-depth experience in organisation of international Mining events in Russia, Central Asia, China and the countries European region. Advantix Limited owns and manages MINEX Forum which in 2014 became a registered trademark. Further information about MINEX Forum - www.minexforum.com and www.minex.club Advantix offers extensive range of business development and event management services including: Management of business development projects; Organisation of business events with the focus on Mining & Metals and Capital Markets; Organisation of professional training workshops and master classes; Management of special events such International Road Shows, Industry Awards, Business Clubs, Press briefings, Business presentations etc. Contact details: Advantix Ltd 7-10 Adam Street, The Strand London WC2N 6AA United Kingdom Tel: +44 (0) 207 520 9341 Fax: +44 (0) 207 520 9342 Email: admin@advantix.co.uk 3

Aknowledgement Avantix Ltd expresses sincere gratitude to SRK Consuting Group for supporting the Survey initiative SRK Exploration Services Limited SRK Exploration is a consulting practice specialising solely on exploration, delivering tailored field and consultancy services for projects worldwide. With experience in over 100 countries, we specialise in the exploration for a wide range of metals and industrial mineral commodities, elevating projects from the earliest stage of exploration though to resource drilling. SRK Exploration, as part of the wider SRK Consulting Group, provides an extensive range of technical services to the early stage extractive resource sector. Once SRK Exploration has advanced a project through the exploration stages, SRK Consulting is able to assist in the continued development of the project ensuring an all- encompassing service. Contact details: SRK Exploration Services Limited 12 St. Andrews Crescent, Cardiff, CF10 3DD, United Kingdom Tel: +44 (0)2920 233 233 Fax: +44 (0) 2920 233 211 Email: enquiries@srkexploration.com www.srkexploration.com SRK Consulting (UK) Limited 5th Floor Churchill House 17 Churchill Way Cardiff, UK CF10 2HH Tel: +44 29 2034 8150 Fax: +44 29 2034 8199 Email: enquiries@srk.co.uk Web: http://www.srk.co.uk 4

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CRITICAL RAW MATERIALS SUPPLY FOR THE EU Source: REPORT ON CRITICAL RAW MATERIALS FOR THE EU Report of the Ad hoc Working Group on defining critical raw materials May 2014 7

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EUROPE HAS A RICH ENDOWMENT OF ALL MAJOR GROUPS OF MINERALS 9

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24 European countries EVALUATED COUNTRIES Albania Austria Bosnia and Herzegovina Bulgaria Czech Republic Denmark Estonia Finland France Italy Germany Montenegro The Netherlands Poland Portugal Romania Russia (European part) Serbia Slovakia Sweden Spain Turkey Ukraine United Kingdom 11

Country of operations Albania Bosnia and Herzegovina Bulgaria Denmark Estonia Finland France Germany Montenegro Poland Portugal Romania Russia (European Russia) Serbia Spain Sweden Turkey United Kingdom 6,7 3,3 3,3 3,3 10,0 13,3 3,3 3,3 6,7 10,0 6,7 3,3 3,3 6,7 6,7 3,3 3,3 3,3 RESPONDENTS PROFILE Organisation type Academia Consultancy Engineering Environmental Equipment Supply Exploration & Development Research Organisation Investment Legal Mineral Processing / Metallurgy Mining Regulation / Government Software NGO Regulation Software / Government 3% 4% Mining 16% Mineral Processing / Metallurgy 8% Legal 1% Investment 6% Research Organisation 3% NGO 4% Academia 5% Consultancy 11% Engineering 9% Environmental 5% Equipment Supply 4% Exploration & Development 21% Сommodities focus Iron & ferro-alloy metals Energy commodities Base metals Precious metals Specialty & rare metals Fertiliser minerals Industrial minerals Ceramic & refractory minerals Precious & semi-precious stones 11,1 5,6 14,8 7,4 1,9 7,4 20,4 11,1 20,4 12

QUESTIONS 13

ANSWERS 14

1. FAVOURABILITY OF MINING LEGISLATION 12.11.2015 HIGHLY POSITIVE POSITIVE NEUTRAL 0 NEGATIVE HIGHLY NEGATIVE 15

2. ACCESS TO INFORMATION 12.11.2015 VERY EASY EASY NEUTRAL 0 DIFFICULT VERY DIFFICULT 16

3. ATTITUDE TOWARDS MINING OPERATIONS 1 2. 1 1. 2 0 1 5 HIGHLY POSITIVE POSITIVE NEUTRAL 0 NEGATIVE HIGHLY NEGATIVE 17

4. GEOLOGICAL PROSPECTIVITY 12.11.2015 VERY GOOD GOOD NEUTRAL 0 POOR VERY POOR 18

5. AVAILABILITY OF LAND FOR EXPLORATION 12.11.2015 VERY GOOD GOOD NEUTRAL 0 POOR VERY POOR 19

6. QUALITY AND ACCESS TO INFRASTRUCTURE (TRANSPORT, UTILITIES) 12.11.2015 VERY GOOD GOOD NEUTRAL 0 POOR VERY POOR 20

7.COST OF LABOUR 12.11.2015 VERY LOW COST LOW COST NEUTRAL 0 HIGH COST VERY HIGH COST 21

8-9. CORRUPTION /LANGUAGE/CULTURAL BARRIERS 12.11.2015 VERY HIGH HIGH MEDIUM 0 LOW NO IMPACT Impact of corruption Impact of language/cultural barriers 22

10. SET UP A COMPANY 1 2. 1 1. 2 0 1 5 VERY EASY EASY NEUTRAL 0 DIFFICULT VERY DIFFICULT 23

Forward looking statement Europe: open for mining? survey offers opportunity for governing and regulatory bodies to receive feedback on how their country is viewed by operating businesses. It enables regulators to focus on the particular areas which will help to promote investment in the coming years. Shifts in sentiment will be reflected in an annual update of the survey, which will be conducted by the organisers alongside the 2 nd MINEX Europe Mining & Exploration Forum planned for the end of June 2016. The results from future surveys will be used to draw a yearly comparison and will hopefully identify trends and changes in the development of the mining industry in Europe. The accuracy of the Survey can be further improved by increasing the number of responses and adding European countries, which received insufficient number of responses to be included in the Survey. 24

Free copy of survey is available on http:// 25