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In 2016 Shenghe announced the agreement with a Japanese company of acquiring 100% equity

in a rare earth metal and separation plant in Vietnam.

Shenghe/SKN has been actively involved in an extensive international search for suitable opportunities

to secure supplies of rare earths outside of China, to support its international growth strategy. This has

involved an assessment of many of the world’s emerging rare earth projects. Shenghe’s investment in

GMEL is its first investment on an equity level of an overseas listed company since that international

search commenced.

For Shenghe, investment in the Kvanefjeld Project secures access to rare earth intermediate products

outside of China which are capable of supporting a range of downstream rare earth businesses,

facilitating long term growth opportunities.

Greenland Formalises Status as Signatory to International Nuclear Conventions at 60

th

IAEA

General Conference

At the 60

th

General Conference of the International Atomic Energy Agency (IAEA), currently underway in

Vienna, Greenland, acting on behalf of Denmark, filed documents that formalise its status as a signatory

in its own right to several important international nuclear conventions essential for Greenland’s

participation in the global civil uranium industry.

Greenland was represented by Mr Vittus Qujaukitsoq, Greenland’s Minister for Industry, Labour, Trade

and Foreign Affairs.

In June, the parliaments of both Greenland and Denmark each adopted legislation to implement

uranium export control procedures in accordance with IAEA and EURATOM safeguards reporting

systems. This will enable the sale and export of uranium from Kvanefjeld under standard commercial

arrangements in the future. Uranium is an important by-product from the Kvanefjeld Project and the

development and implementation of export regulations by Greenland and Denmark is a significant

milestone in the Company’s progress.

Kvanefjeld Mining License Application - Processing Update

In December, 2015, GMEL submitted an exploitation (mining) license application for the Kvanefjeld

project to the Greenland Government after years of baseline surveys and scientific analysis. In addition

other technical reference documents have also been provided to the Greenland Government at their