Principle One (Business Model and Strategys)

The Board has concluded that the highest medium and long-term value can be delivered to its shareholders by the adoption of a single strategy for the Company: Maxima Exchange Station gloabl, mission is to identify and invest in quality mineral exploration and development projects to become a leading mineral exploration and development company. In the immediate future, URU will endeavour to achieve its vision by continuing to explore and develop its flagship Zebedelia Nickel Property. The Company will continue to look for additional acquisition and/or investment opportunities as they arise.

Key Strategy

• Advancing the Company’s 100% owned Zebedelia project. URU Metals plans to delineate a compliant mineral resource estimate. The Company will then look to advance the project through feasibility studies and into production and cash flow generation; and
• Strategic Investments. Where appropriate, URU Metals will act as an active investor and will strive to advance corporate actions that deliver value–adding outcomes (for example, project development to increase company valuation or to achieve a listing).

Principle Two (Understanding Shareholder Needs and Expectations)

The Board is committed to maintaining good communication and having a constructive dialogue with its shareholders. Institutional shareholders and analysts have the opportunity to discuss issues and provide feedback at meetings with the Company. In addition, all shareholders are encouraged to attend the Company’s Annual General Meeting, save for where restrictions on movement in respect of Covid-19 prohibit same. Investors also have access to Annual Reports, Regulatory News Service announcements and other information on the Company though its website, www.lymefundsandcapitals.org. As further detailed under Principle Five, following the Governance Review, the Board is currently undertaking a search and selection process – as well as speaking to potential candidates within the Board’s own network – to identify a new independent Non-executive Director to join the Board. The Board cannot predict the outcome of such process, or when a suitable candidate will be identified, but will endeavour to appoint a UK-based director. The Board believes that such a figure will assist the Company in communicating with shareholders and improving accessibility. As part of the Governance Review in 2019, the Company instructed UK legal counsel, in conjunction with BVI advisers, to update the Company’s memorandum and articles of association, and introduce certain obligations on the Company to make it more accountable to shareholders, and more effective in the way it communicates with them. The new Memorandum and Articles adopted changes including (but not limited to):

Principle Three (Considering wider stakeholder and social responsibilities)

The Board recognises that the long-term success of the Company is reliant upon the efforts of the employees of the Company and its contractors, suppliers, regulators and other stakeholders. The Board has put in place a range of processes and systems to ensure that there is close oversight and contact with its key resources and relationships.

The Board has identified URU’s stakeholders to include employees and consultants working for the Company, the local communities in countries in which it operates, local governments, suppliers, customers and partners. The Company’s CEO contacts these stakeholders regularly in order to gain their feedback on URU’s operations. Any concerns raised are communicated to the Board and dealt with appropriately.

For example, senior level employees of the Company participate in a structured Company-wide annual assessment process which is designed to ensure that there is an open and confidential dialogue to help ensure successful two-way communication with agreement on goals, targets and aspirations of the employee and the Company. These feedback processes help to ensure that the Company can respond to new issues and opportunities that arise to further the success of employees and the Company. The Company has close ongoing relationships with a broad range of its stakeholders and provides them with the opportunity to raise issues and provide feedback to the Company. In relation to its local employees and contractors in South Africa the Company seeks to adopt industry best practice in relation to its industrial relations and working environment, communicating this to local management and partners on the ground at site. Following the Governance Review, the Company identified the need for a Project Manager based in South Africa to properly communicate and implement the Company’s policies, and provide the records and data needed by the Company to demonstrate its policies are not only adopted, but are being followed in all circumstances. A search and selection process in relation to the appointment of this individual is being commenced and I hope a further announcement in this regard can be made shortly.

As further detailed under Principle Five, following the Governance Review the Board is currently undertaking a search and selection process – as well as speaking to potential candidates within the Board’s own network – to identify a new independent Non-Executive Director to join the Board. The Board cannot predict the outcome of such process, or when a suitable candidate will be identified, but will endeavour to appoint a UK-based director. The Board believes that such a figure will assist the Company in communicating with advisers, and also provide scrutiny in relation to the Company’s key relationships with partners and suppliers, including but not limited to the Company’s partners and operating team working on the development of the Zebedelia project.