Appian successfully exits royalty and credit positions in Harte Gold

LONDON,Feb. 22,2022 -- Appian Capital Advisory LLP ("Appian" or the "Company"),the investment advisor to long-term value focused private equity funds that invest solely in mining and mining-related companies,is pleased to announce that it has divested its 2.0% net smelter return royalty (the "Royalty") and its subordinated credit facility (the "SCF") in Harte Gold to Silver Lake Resources ("Silver Lake"),representing a positive outcome for Appian's investors.

Under the terms of the transaction,Silver Lake will acquire the RoyaltyforUS$22.0m in Silver Lake shares,following Appian'soriginalacquisition inDecember 2019 forUS$9.5m.Silver Lake will also purchasetheSCFforUS$33.4m in cash,which representsa 15% premiumtoAppian's principalinvestmentof US$28.0m inJuly 2020. ThisincludestheUS$28m principal,a 115% early redemption chargeofUS$4.2m,US$1.2m in accrued interestandan additional~US$680,000to cover technical consultingand legalfees.

The success of the transaction is the result of Appian's active engagement with Silver Lake following Harte Gold's entry into creditor protection on 7 December 2021,following which Silver Lake was ultimately named as successful bidder for the company.

Michael W. Scherb,Founder and CEO of Appian,commented: "This transaction represents a successful outcome for Appian and its investors,allowing us to secure a premium on our credit and royalty investments. The positive result demonstrates the strength of Appian's model and its ability to invest through the capital structure,coupled with its capacity to actively manage investments to generate risk-adjusted returns. We have recently taken steps to strengthen our credit and royalty offerings,and look forward to our continued growth as the world's leading private investor in the metals and mining sector."

About Appian Capital Advisory LLP

Appian Capital Advisory LLP is the investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry,with global experience across South America,North America,Australia and Africa and a successful track record of supporting companies to achieve their development targets,with a global operating portfolio overseeing nearly 5,000 employees.

Appian has a global team of 54 experienced professionals with offices in London,Toronto,Lima,Belo Horizonte,Montreal and Sydney.

For more information please visit www.appiancapitaladvisory.com,or find us on LinkedIn or Instagram.