New South Wales

AngloGold Ashanti Partnership

• Inflection has entered into a multi-year Earn-in Agreement with AngloGold across a group of Inflection’s copper-gold projects in New South Wales.
• AUD$7M in expenditures allows AngloGold to individually earn a 51% interest in any designated project.
• An additional AUD$20M in expenditures allows AngloGold to individually earn a 65% interest in any designated project.
• To earn 75% in each project, AngloGold is required to deliver a Pre-Feasibility Study (PFS) that includes a minimum 2M oz Au or Au-Cu Measured & Indicated Resources and cede a 2% or 1% NSR royalty to Inflection.
• Inflection is operating the project for a 10% management fee.

Phase I: AngloGold Ashanti has completed Phase I of the Exploration Earn-in Agreement and has elected to designate projects to advance to Phase II.

Under Phase II, AngloGold Ashanti may earn a 51% interest in each of the Designated Projects by funding exploration expenditures of AUD$7,000,000 on each Designated Project over three years;

Under Phase III, AngloGold Ashanti may earn a 65% interest in each Designated Project by sole funding exploration expenditures of an additional AUD$20,000,000 on each Designated Project over two years;

Under Phase IV, AngloGold Ashanti may earn an additional 10% interest in each Designated Project by:

• Completing a Pre-Feasibility Study solely funded by AngloGold Ashanti within an additional three-year period; and,
• Granting to Inflection, subject to existing underlying royalties, a 2% or 1% net smelter return (“NSR”) royalty;