Appian announces strategic investment in the operating Rosh Pinah zinc mine in southwestern Namibia

LONDON,June 28,2023 --Appian Capital AdvisoryLLP ("Appian"),the investment advisor to long-term value-focused private capital funds that invest in mining and mining-related companies,is pleased to announce the acquisition of an 89.96% interest in the producing Rosh Pinah zinc mine,located in the Kharas region in southern Namibia,from Trevali Mining Corporation.

Highlights

Rosh Pinah is an operating underground zinc-lead mine with a 2,000 tonnes per day milling operation

Appian plans to restart the Rosh Pinah 2.0 mine expansion project which will nearly double the mine's annual ore throughput to 1.3 million tonnes and improve safety and environmental performance

Appian will retain the existing site management team and workforce,who have substantive technical expertise and understanding of the asset

Rosh Pinah is one of three recent investments by Appian in the attractive zinc market,a base metal which is playing an increasingly important role in the energy transition

Acquisition complements Appian's world-class portfolio of highly prospective assets located in attractive operating jurisdictions

MichaelW. Scherb,Founder and CEO of Appian,commented:

"This acquisition marks a significant milestone for Appian as we continue to develop our world-class portfolio of highly attractive zinc assets,a critical metal that will help facilitate the upcoming energy transition. We look forward to welcoming the 450 employees at Rosh Pinah to Appian as we utilise our extensive operational and project development expertise to support the existing management team with delivering the Rosh Pinah 2.0 expansion project. We extend our gratitude to the Namibian government,our valued partners,and the local community for their trust and support."

Rosh Pinah is an operating underground zinc-lead mine with a 2,000 tonnes per day milling operation,located in southwestern Namibia,approximately 800 km south of Windhoek. The mine has been in continuous operation since 1969,producing zinc and lead sulphide concentrates,as well as smaller amounts of copper,silver,and gold.

Appian plans to restart the Rosh Pinah 2.0 expansion project which envisages the construction of new processing facilities,including the addition of a paste fill and water treatment plant,as well as a dedicated portal and decline to extended deposits. The project will increase mill throughput from 0.7 million tonnes to 1.3 million tonnes of ore per annum,increasing zinc equivalent production to 170 million pounds per annum,on average.

Following Vedra Metals in Italy and Pine Point in Canada,Rosh Pinah is Appian's third investment in the attractive zinc market,and a strong fit with Appian's investment strategy:

Controlling ownership enabling Appian to apply its best-in-class technical and operating capabilities to optimize existing operations and deliver the Rosh Pinah 2.0 expansion project safely

Attractive expansion project that will significantly improve the mine's cost position and extend mine life

Significant upside from near mine exploration and already identified prospects

Operating mine with an experienced management team that has strong technical skills and in-depth knowledge of the asset

For further information:

FGS Global +44 (0)20 7251 3801 / AppianCapital-LON@fgsglobal.com

Charles O'Brien,Richard Crowley,Theo Davies-Lewis

About Appian Capital Advisory LLP

Appian Capital Advisory LLP is the investment advisor to long-term value-focused private capital 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 6,300 employees.

Appian has a global team of 70 experienced professionals with presences in London,New York,Toronto,Vancouver,Lima,Belo Horizonte,Montreal,Dubai and Perth.

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