Ba nk o f Am e ri ca 20 20 Gl o bal Met a l s Mi ni ng a nd S t e e l Con f e r e nce I m por t a nt not i ce conce rni ng t hi s do cu m e nt i ncludi ng f o rw a rd l o o k i ng s t a t e m e nt s Thi s d o c um en t c o n t ai n s stat em en t s t h at ar e o r m ay b e d ee m ed t o b e fo r war d l o o k i n g stat em en t s whi c h ar e p r o sp ec t i v e i n n at ur e Thes e fo r war d l o o k i n g s t atem en t s m ay b e i d en t i fi ed b y t h e use o f fo r war d l o o k i n g t er m i no l o g y o r t he neg at i v e t her eo f such as o ut l o o k pl ans ex p ects o r do es no t ex p ect i s ex p ected co nt i nues as sumes i s subject t o budget sch ed ul ed est i m at es ai m s fo r eca st s r i sk s i nt end s po si t i o ned pr ed i cts ant i ci p at es o r do es no t anti ci p at e o r bel i ev es o r v ar i at i o ns o f such w o r d s o r co m p ar ab l e t er m i no l o g y and p hr ases o r st at em ent s t hat cer t ai n ac t i o ns ev ent s o r r esul t s m ay co ul d sho ul d shal l w o ul d m i g ht o r w i l l b e t ak en o cc ur o r b e ac hi ev ed F o r w ar d l o o k i ng st at em e nt s ar e no t b ased o n hi st o r i ca l fac t s b ut r at her o n cur r ent p r ed i cti o ns ex p ectat i o ns b el i efs o p i ni o ns p l ans o b ject i v es g o al s i nt ent i o ns and p r o ject i o ns ab o ut fut ur e ev ent s r esul t s o f o p er at i o ns p r o sp ects fi nan ci al co nd i t i o n and d i sc ussi o ns o f st r at eg y B y t hei r natu r e fo r w ar d l o o k i ng st at em ent s i nv o l v e k no w n and unk no w n r i sk s and uncer t ai nt i es m any o f w hi ch ar e b ey o nd G l enc o r e s co nt r o l F o r w ar d l o o k i ng st at em ent s ar e no t g uar antee s o f fut ur e p er fo r m anc e and m ay and o ft en d o d i ffer m at er i al l y fr o m ac t ual r esul t s I m p o r t ant fac t o r s t hat co ul d ca use t hese uncer t ai nt i es i nc l ude b ut ar e n o t l i m i t ed t o t ho se d i sc l o sed i n G l enc o r e s 2 01 9 A nnual R ep o r t F o r ex am p l e o ur fut ur e r ev enues fr o m o ur asset s p r o ject s o r m i nes w i l l b e b ased i n p ar t o n t he m ar k et p r i ce o f the co m m o d i t y p r o d uct s p r o d uced w hi ch m ay v ar y si g ni fi ca nt l y fr o m cur r ent l ev el s T hese m ay m at er i al l y affect t he t i m i ng and feasi b i l i t y o f p ar t i cul ar d ev el o p m ent s Other fac t o r s i nc l ude w i t ho ut l i m i t at i o n t he ab i l i t y t o p r o d uce and t r a nsp o r t p r o d uct s p r o fi t ab l y d em and fo r o ur p r o d uct s ch anges t o t he assum p t i o ns r eg ar d i ng t he r eco v er ab l e v al ue o f o ur t angi b l e and i nt angi b l e asset s t he effect o f fo r ei g n cur r enc y ex ch ange r at es o n m ar k et p r i ces and o p er at i ng co st s and ac t i o ns b y g o v er nm ent al aut ho r i t i es such as ch anges i n t axat i o n o r r eg ul at i o n and p o l i t i ca l uncer t ai nt y N ei t h er Gl en c o r e n o r an y o f i t s as so c i ates o r d i r ec t o r s o ffi c er s o r ad v i se r s p r o v i d es an y r ep r es en t at i o n as sur an c e o r gu ar ant ee t h at t h e o c c ur r en c e o f t h e ev en t s exp r es se d o r i m p l i ed i n an y fo r war d l o o k i n g stat em e n t s i n t h i s d o cum ent w i l l ac t ual l y o cc ur Yo u ar e ca ut i o ned no t t o p l ac e undue r el i anc e o n t hese fo r w ar d l o o k i ng st at em ent s w hi ch o nl y sp eak as o f t he d at e o f t hi s d o cum ent Ex cep t as r eq ui r ed b y ap p l i ca b l e r eg ul at i o ns o r b y l aw G l enc o r e i s no t under any o b l i g at i o n and G l enc o r e and i t s affi l i at es ex p r essl y d i sc l ai m any i nt ent i o n o b l i g at i o n o r under t ak i ng t o upd at e o r r ev i se any fo r w ar d l o o k i ng st at em ent s w het her as a r esul t o f new i nfo r m at i o n fut ur e ev ent s o r o t her w i se T hi s d o cum ent shal l no t under any ci r cum st an ces cr eat e any i m p l i ca t i o n t hat t her e has b een no ch ange i n t he b usi ness o r affai r s o f G l enc o r e si nc e t he d at e o f t hi s d o cum ent o r t hat t he i nfo r m at i o n co nt ai ned her ei n i s co r r ect as at any t i m e subseq uent t o i t s d at e N o st at em ent i n t hi s d o cum ent i s i nt end ed as a p r o fi t fo r eca st o r a p r o fi t est i m at e and p ast p er fo r m anc e ca nno t b e r el i ed o n as a g ui d e t o fut ur e p er fo r m anc e T hi s d o cum ent d o es no t co nst i t ut e o r fo r m p ar t o f any o ffer o r i nv i t at i o n t o sel l o r i ssue o r any so l i ci t at i o n o f any o ffer t o p ur ch ase o r subsc r i b e fo r any sec ur i t i es T he co m p ani es i n w hi ch G l enc o r e p l c d i r ectl y and i nd i r ectl y has an i nt er est ar e sep ar at e and d i st i nc t l eg al ent i t i es I n t hi s do cum ent G l enc o r e G l enc o r e g r o up and G r o up ar e used fo r co nv eni enc e o nl y w her e r efer enc es ar e m ad e t o G l enc o r e p l c and i t s subsi d i ar i es i n g ener al T hese co l l ecti v e ex p r essi o ns ar e used fo r ease o f r efer enc e o nl y and d o no t i m p l y any o t her r el at i o nsh i p b et w een t he co m p ani es Li k ew i se t he w o r d s w e us and o ur ar e al so used t o r efer co l l ecti v el y t o m em b er s o f the G r o up o r t o t ho se w ho w o r k fo r t hem T hese ex p r essi o ns ar e al so used w her e no usefu l p ur p o se i s ser v ed b y i d ent i fy i ng t he p ar t i cul ar co m p any o r co m p ani es