EGM Circular

ACG Acquisition Company Limited

30 June 2023

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If

you are in any doubt about the contents of this document, or the action you should take, you are recommended immediately to seek your own personal financial advice from your stockbroker, bank manager, solicitor, accountant, fund manager or other independent financial adviser authorised under the Financial Services and Markets Act 2000 who specialises in advising on the acquisition of shares and other securities or, if you are in a territory outside the United Kingdom, from an appropriately authorised independent financial adviser.

Copies of this document are being sent to shareholders of ACG. If you have sold or otherwise transferred all of your shares in ACG Acquisition Company Limited please forward this document and the accompanying Form of Proxy at once to the purchaser or transferee or to the stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee. If you have sold or transferred part only of your holding of shares in ACG Acquisition Company Limited you should retain this document and consult the stockbroker, bank or other agent through whom the sale or transfer was effected.

The distribution of this document in jurisdictions other than the UK may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This document does not constitute any offer to issue or sell or a solicitation of any offer to subscribe for or buy shares in ACG Acquisition Company Limited.

ACG ACQUISITION COMPANY LIMITED

(Incorporated and registered in the British Virgin Islands with registered number 2067083)

Shareholders Circular and

Notice of Extraordinary General Meeting of Shareholders

Notice of the Acquisition EGM to be held at 10 a.m. (London time) at the offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England on 20 July 2023 is set out at the end of this document.

A Form of Proxy for use at the Acquisition EGM by holders of Class B Shares accompanies this document and, to be valid, must be completed and returned to Link Group at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England. The Form of Proxy must be returned as soon as possible but in any event to be received not later than 10 a.m. London time on 18 July 2023 or 48 hours before any adjourned meeting. A Form of Direction for use at the Acquisition EGM by holders of depositary interests accompanies this document and, to be valid, must be completed and returned to Link Group at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England as soon as possible but in any event to be received not later than 10 a.m. London time on 17 July 2023 or 72 hours before any adjourned meeting. The return of one or more completed Forms of Proxy or Forms of Direction will not prevent you from attending the Acquisition EGM and voting in person if you wish to do so (and are so entitled).

A summary of the action to be taken by the shareholders of ACG is included in "Action to be taken by shareholders" in the Letter from the Chairman on page 8 of this document and in the notes to the Notice of the Acquisition EGM on pages 10 to 11 of this document. This circular and all its accompanying materials are available on the Company's website (https://www.acgcorp.co/).

TABLE OF CONTENTS

EXPECTED TIMETABLE OF PRINCIPAL EVENTS.................................................................. 3

DEFINITIONS............................................................................................................................ 4

LETTER FROM THE CHAIRMAN............................................................................................. 5

NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS..................... 10

FORM OF PROXY.................................................................................................................... 12

FORM OF DIRECTION............................................................................................................ 14

EXHIBIT A: PROSPECTUS PREPARED BY THE COMPANY IN CONNECTION WITH THE ACQUISITION AND RE-ADMISSION, AS APPROVED BY THE FCA ON 30 JUNE 2023... 16

EXHIBIT B: PROPOSED AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION......................................................................................................................... 17

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

Event Expected time/date (London time)

Commencement of redemption period 19 June 2023

Publication of this document 30 June 2023

Record date for the Acquisition EGM 5 p.m. on 13 July 2023

Deadline for submitting form of directions 10 a.m. on 17 July 2023

Deadline for submitting form of proxies 10 a.m. on 18 July 2023

Redemption deadline for existing ACG shareholders 1 p.m. on 18 July 2023

Acquisition EGM 10 a.m. on 20 July 2023

Acquisition Closing 4 August 2023

Redemption payment date As soon as practicable and in any event no later than the second U.K. trading day after the completion ofthe Acquisition

Re-Admission 8.00 a.m. on 4 August 2023

Longstop Date 18 August 2023

The dates and times above (all of which are London time) are based on the Company's current expectations and may be subject to change. Any revised dates and/or times will be notified to the shareholders, by way of a press release published on the Company's website (https://www.acgcorp.co/).

DEFINITIONS

Defined terms used in this document shall have the meaning ascribed to them in the Prospectus or as follows, unless the context otherwise requires:

"Act" the BVI Business Companies Act 2004, as amended from time to time, and includes the BVI Business Companies Regulations 2012 and any other regulations made under the Act

"Acquisition" has the meaning ascribed to it in the Prospectus

"Acquisition EGM" the extraordinary general meeting of Shareholders of ACG at the

offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England, to be convened on the date hereof, notice of which is set out at page 10 of this document, and any adjournment of that meeting

"Company" or "ACG" ACG Acquisition Company Limited

"Directors" or the "Board" the directors of ACG at the date of this document

"Form of Proxy" the form of proxy for use by holders of Class B Shares in

connection with the Acquisition EGM

"Form of Direction" the form of direction for use by holders of depositary interests in

Class A Ordinary Shares in connection with the Acquisition EGM

"IPO Prospectus" the initial public offering prospectus published by the Company

on 7 October 2022.

"Notice" the notice of the Acquisition EGM set out at page 10 of this document

"Prospectus" the prospectus prepared by the Company in connection with the Acquisition and Re-Admission, as approved by the FCA on 30 June 2023 and appended to this document as Exhibit A

"Public Shareholders" means Class A Ordinary Shareholders who are not the Co-

Sponsors, the Directors or the Advisor and the Founding Shareholders (each as defined in the Chapter 5.6.18 of the Listing Rules of the U.K. Financial Conduct Authority)

"Resolutions" the resolutions set out in the Notice to be proposed at the Acquisition EGM

"Shares" means the Class A Ordinary Shares and the Class B Shares together

LETTER FROM THE CHAIRMAN

ACG ACQUISITION COMPANY LIMITED

(Incorporated and registered in the British Virgin Islands with registered number 2067083)

Directors: Registered Office:

Peter Whelan (Chairman) Craigmuir Chambers

Artem Volynets (CEO and Executive Director) P.O. Box 71

Warren Gilman (Independent Non-Executive Director) Road Town Hendrik Johannes Faul (Independent Non-Executive Director) Tortola, VG 1110 Mark Cutis (Independent Non-Executive Director) British Virgin Islands

30 June 2023

Dear Shareholders,

1. Introduction

On behalf of the Company, we are pleased to invite you to the Acquisition EGM which is to be held on 20 July 2023 at 10 a.m. (London time) at the offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England and to provide you with this circular.

Set out on pages 10 to 11 of this document you will find a Notice convening the Acquisition EGM and all the Resolutions to be submitted for shareholder consideration therein. This letter sets out the background to and the reasons for these Resolutions. These should be considered together with the Prospectus and the other documents circulated with the Notice. Shareholders are advised to read all documents carefully. Shareholders should note in particular that the Prospectus contains information which is relevant to the resolutions being considered at the Acquisition EGM and that this circular has not attempted to restate such information.

After careful consideration, the Board considers the Acquisition and the transactions contemplated thereby to be in the best interests of the Company and its stakeholders, including its shareholders, for the reasons set out below.

2. The Acquisition

Background

Concurrent with its initial public offering, the Company adopted an acquisition strategy to evaluate opportunities in the metals and mining sector globally (excluding Russia), with a particular focus on emerging markets. The Acquisition, as proposed here, is the result of an extensive search for potential transactions utilising the global network of the Company's management team. The terms of the Acquisition are equally the result of significant negotiations among the respective representatives of the Company and Appian Capital.

On 12 June 2023, the Company, the Seller and the Guarantor entered into the Acquisition Agreement and related documents with certain funding providers. The press release announcing the Acquisition dated 12 June and the market update published by the Company on 16 June 2023 are available at the Company's website (https://www.acgcorp.co/).

Reasons for the Acquisition

In evaluating the Acquisition, the Board consulted with its legal counsel, financial and accounting advisors and other advisors. The Board considered a number of factors pertaining to the Acquisition as generally supporting its decision to enter into the Acquisition Agreement and the transactions contemplated thereby, including but not limited to, the following factors:

· Highly attractive market fundamentals. Strong demand for nickel and copper is expected over the next 30 years as the clean energy transition continues, with the backdrop of declining supply due to years of mine under-investment and recent geopolitical tensions.

· Long-life, low-cost assets. Both Mines are newly built, operating nickel and copper businesses with high cash flow generation capability, defensive cost position, a mine life of over 30 years and expansion potential.

· Attractive mining jurisdiction and location. Brazil's rich geological endowment and clearly defined regulatory framework makes it an attractive mining jurisdiction. Additionally, the Mines benefit from existing infrastructure, access to renewable power and multiple nearby ports.

· Strong fit with the Company's leadership and strategy. The Mining Entities' operating team is committed to the ongoing management of the Mining Entities and is fully aligned with the Company's strategy, including with regard to strong focus on safety and sustainability.

· Platform for Company's growth strategy. The proposed LSE-listed combined business would provide a platform for further value-enhancing acquisitions to create a new global premium mining group focused on critical metals.

For more information about the business of the Enlarged Group, please see "Part III-Information on the Enlarged Group's Business" in the Prospectus.

Terms of the Acquisition

The Company has agreed to acquire (i) a 100% interest in Mirabela Participações S.A., which holds a 100% interest in Atlantic Nickel Mineração Ltda., the company operating the Santa Rita mine, (ii) a 100% interest in Serrote Participações S.A, which holds a 100% interest in Mineração Vale Verde do Brasil Ltda., the company operating the Serrote mine, (iii) 100% interests in AMH (Jersey) Limited and AMH 2 (Jersey) Limited, which are parties to certain intragroup loans and royalties (collectively, the "Targets") and (iv) certain shareholder loans granted to the Targets by Appian entities. The purchase price for the Acquisition will be paid in cash and will reflect certain adjustments from the effective locked box date of 31 December 2022, until closing. Following completion of the Acquisition, the Company and the Targets will constitute the Enlarged Group. In addition to the Acquisition Agreement itself, ACG has entered into various other agreements in connection with the Acquisition.

For a full description of the terms of the Acquisition and the various other agreements executed by the Company as part of it, please see "Part II-Terms of the Acquisition Agreement and Part XV-Additional Information-17. Material contracts" in the Prospectus. For a full description of the effects that the Acquisition and such other agreements (including certain agreements with fund providers that shall subscribe for Class A Ordinary Shares, like the Anchor Investors) shall have on the existing Shareholders and the Existing Class A Shares, please see "Part XI-The Placing, Retail Offer, Re- Admission and Dilution" in the Prospectus.

Redemption of Class A Ordinary Shares

In its market update of 16 June 2023, the Company announced key procedures, timeline and conditions associated with the redemption of its Existing Class A Shares by virtue of the Acquisition. The redemption period commenced shortly thereafter, on 19 June 2023, and shall end on 18 July 2023, as set out in "Expected Timetable of Principal Events" in this document. Additional information regardithe redemption arrangements can be found in the Prospectus under the heading "Part XIII-Share Capital, Liquidity and Capital Resources and Accounting Policies-Redemption".

3. The Resolutions

In order to effect the Acquisition, the Company is tabling Resolutions relating to the following matters for consideration by its Shareholders:

(i) the Acquisition, as discussed above and presented in details in the Prospectus, to be approved. To pass such resolution requires the affirmative vote of a majority of the votes of the Class A Ordinary Shares of Public Shareholders which are present at the Acquisition EGM and vote;

(ii) a revised Memorandum and Articles of Association of the Company, in the form appended to this document as Exhibit B, to be approved. To pass such resolution requires the affirmative vote of two-thirds of the votes of the Shares entitled to vote thereon which are present at the Acquisition EGM and vote. For more information about the restated Memorandum and Articles of Association and a summary of the main changes proposed to the version currently in effect, please see "Part XV-Additional Information-5. Restated Articles" in the Prospectus;

(iii) the election of Mr. Vincent Benoit to the board of directors of the Company, to be approved. To pass such resolution requires the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote. For more information about the candidate, who is proposed for election pursuant to the Anchor Investment Agreement entered into by the Company with LMH Explorers S.à r.l., please see "Part X-The Company, its Board and Corporate Governance-The Board-Director Biographies" and "Part XV-Additional Information-8. Directorships and Partnerships" in the Prospectus;

(iv) the election of Ms. Fiona Jane Mary Paulus to the board of directors of the Company, to be approved. To pass such resolution requires the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote. For more information about the candidate, please see "Part X-The Company, its Board and Corporate Governance-The Board-Director Biographies" and "Part XV-Additional Information-8. Directorships and Partnerships" in the Prospectus;

(v) the election of Ms. Carole Whitta ll to the board of directors of the Company, to be approved. To pass such resolution requires the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote. For more information about the candidate, please see "Part X-The Company, its Board and Corporate Governance-The Board-Director Biographies" and "Part XV-Additional Information-8. Directorships and Partnerships" in the Prospectus;

(vi) the approval of the ACG Value Creation Plan, a plan designed to incentivise eligible participants in the Enlarged Group to deliver exceptional returns for shareholders over a five-year period, as described in "Part XV -Additional Information -18.1 The VCP" and "Part XV -Additional Information-18.3 Provisions applying to each of the VCP and EIP" in the Prospectus. The rules of the plan will be published in full on the Company's website no later than five days prior to the Acquisition EGM. The plan has been considered and developed by the Company with the support of its advisors to attract, retain and motivate eligible participants and align them with the creation of shareholder value. To pass such resolution requires the affirmative vote of two-thirds of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote;

(vii) the approval of the ACG Equity Incentive Plan, a discretionary share plan permitting the grant of a variety of awards over Class A Ordinary Shares to eligible participants in the Enlarged Group, the principal terms of which are described in "Part XV-Additional Information-18.2 The EIP and Part XV-Additional Information-18.3 Provisions applying to each of the VCP and EIP" in the Prospectus. The rules of the plan will be published in full on the Company's website no later than five days prior to the Acquisition EGM. The plan has been considered and developed by the Company with the support of its advisors to attract, retain and motivate eligible participants and align them with the creation of shareholder value. To pass such resolution requires the affirmative vote of two-thirds of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote

(viii) the retention of Ernst and Young LLP as the new independent auditor of the Company. To pass such resolution requires the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote; and

(ix) a change in the Company's financial year, such that it shall end on December 31 of each calendar year. To pass such resolution requires the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which are present at the Acquisition EGM and vote.

4. Action to be taken by Shareholders

Form of Proxy

A Form of Proxy for use at the Acquisition EGM by holders of Class B Shares is enclosed with this document for use. The Form of Proxy must be returned to Link Group at 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England as soon as possible but, in any event, so as to arrive no later than 10 a.m. (London time) on 18 July 2023 or 48 hours before any adjourned meeting.

The completion and return of a Form of Proxy will not preclude you from attending the Acquisition EGM and voting in person should you wish to do so, and should be done in accordance with the instructions contained in the notes to the Notice of the Acquisition EGM, as set out on pages 10 to 11 of this document, and in the notes to the Form of Proxy.

Unless otherwise indicated on the Form of Proxy, CREST or any other electronic voting instruction, the proxy will vote as they think fit or, at their discretion withhold from voting.

CREST voting and Form of Direction

In the case of holders of depository interests representing Class A Ordinary Shares in dematerialised form, an electronic instruction may be submitted through the CREST system in order to instruct Link Market Services Trustees Limited, the Depository, to vote on the holder's behalf at the Acquisition EGM by proxy or, if the meeting is adjourned, at the adjourned meeting. If you are a CREST Personal Member, or other CREST Sponsored Member, you should consult your CREST sponsor, who will be able to take appropriate action on your behalf. Instructions can be submitted via the CREST system to be received by the issuer's agent, Link Group (ID:RA10) by 10 a.m. (London time) on 17 July 2023.

Alternatively, holders of depositary interests should complete the enclosed Form of Direction in accordance with the instructions printed thereon to direct Link Market Services Trustees Limited as the custodian of their shares how to exercise their votes. Any holder of depository interest who wishes to attend the Acquisition EGM must contact the Depositary at Link Market Services Trustees Limited, Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom or by email by using nominee.enquiries@linkgroup.co.uk in order to request a Letter of Representation no later than 10 a.m. on 17 July 2023. If any holder of depositary interests attends the Acquisition EGM without a letter of representation they will only be allowed to enter the Acquisition EGM as a guest and will not be allowed to vote. To be valid, the Form of Direction must be completed in accordance with the instructions set out in the form and returned as soon as possible to the offices of the Custodian at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England so as to be received no later than 10 a.m. (London time) on 17 July 2023 or 72 hours before any adjourned meeting.

In signing and returning the Form of Direction or otherwise submitting an electronic voting instruction through the CREST system, you will be representing that you are either: (a) outside the United States, or (b) a qualified institutional buyer (within the meaning given by Rule 144A under the US Securities Act of 1933). By continuing to hold their depositary interests following the date of the Notice, holders of depositary interests acknowledge and agree to be bound by the transfer restrictions set forth in the section headed "Part XVI-Notices to Investors" in the Prospectus (mutatis mutandiswith respect to such depositary interests).

5. Board Recommendation

The Board unanimously considers the approval of all Resolutions to be in the best interests of the Company. Accordingly, the Board recommends that Shareholders vote in favour of all the Resolutions set out the Notice of the Acquisition EGM.

Your sincerely, Peter Whelan,

Chairman of the Board

ACG ACQUISITION COMPANY LIMITED

(Incorporated and registered in the British Virgin Islands with registered number 2067083)

NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

NOTICE IS HEREBY GIVEN THAT a meeting of the shareholders of the Company will be held at the offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England on 20 July 2023 at 10 a .m. (London time) for the purposes of considering and, if thought fit, approving the following resolutions:

Resolution 1

THAT the Acquisition be and is hereby approved by the Class A Ordinary Shares of Public Shareholders, that any transactions required to effect the Acquisition be and are hereby approved by the Class A Ordinary Shares of Public Shareholders, and that the Directors of the Company be authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to the Acquisition.

Resolution 2

THAT, subject to the closing of the Acquisition, the Memorandum and Articles of Association of the Company be amended in the form recommended by the Board of Directors of the Company and appended to the shareholders circular in Exhibit B, with effect upon the Acquisition Closing.

Resolution 3

THAT, subject to the closing of the Acquisition, Mr. Vincent Benoit (as nominated by LMH Explorers S.à r.l. pursuant to its Anchor Investment Agreement with the Company) be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.

Resolution 4

THAT, subject to the closing of the Acquisition, Ms. Fiona Jane Mary Paulus be elected to the boa rd of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.

Resolution 5

THAT, subject to the closing of the Acquisition, Ms. Carole Whittall be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.

Resolution 6

THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Value Creation Plan ("VCP") be and a re hereby approved; (ii) the Directors be and are hereby authorised to adopt the VCP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the VCP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the VCP.

Resolution 7

THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Equity Incentive Plan ("EIP") be and are hereby approved; (ii) the Directors be and are hereby authorised to adopt the EIP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the EIP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the EIP.

Resolution 8

THAT, subject to the closing of the Acquisition, Ernst and Young LLP be and is hereby appointed as the Company's new independent auditors, to replace RSM UK Corporate Finance LLP, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such appointment.

Resolution 9

THAT the Company's financial year be and is hereby altered to end on December 31 of each calendar year, with immediate effect, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such change.

Da ted 30 June 2023

Registered Office

Craigmuir Chambers

P.O. Box 71

Road Town, Tortola British Virgin Islands

Peter Whelan, by order of the Board

30 June 2023

(1) To be entitled to attend and vote at the meeting (and for the purpose of the determination by the Company of the number of votes they may cast), shareholders must be registered in the register of members of the Company at 5 p.m. (London time) on 13 July 2023. Changes to the register of members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the meeting.

(2) Shareholders, or their proxies, intending to attend the meeting in person are requested, if possible, to arrive at the meeting venue at least 20 minutes prior to the commencement of the meeting at 10 a.m. (London time) on 20 July 2023 so that their shareholding may be checked against the Company's register of members and attendances recorded.

(3) Depositary interest holders who are CREST members may appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Meeting (and any adjournment of the Meeting) by using the procedures described in the CREST Manual (available from www.euroclear.com). CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.

(4) In order for a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a "CREST Proxy Instruction") must be properly authenticated in accordance with Euroclear UK & International Limited's specifications and must contain the information required for such instructions, as described in the CREST Manual. The message must be transmitted so as to be received by the issuer's agent (ID RA10) by 10 a.m. on 17 July 2023. For this purpose, the time of receipt will be taken to mean the time (as determined by the timestamp applied to the message by the CREST application host) from which the issuer's agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.

(5) CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.

FORM OF PROXY

ACG ACQUISITION COMPANY LIMITED

Registered number 2067083

Form of Proxy - Extraordinary General Meeting of Shareholders to be held on 20 July 2023

Kindly note: This form is issued only to the addressee(s). The Company accepts no liability for any instruction that does not comply with this form.

Explanatory Notes:

1. Please indicate, by placing "X" in the appropriate space overleaf, how you wish your votes to be cast in respect of each of the resolutions. If this form is duly signed and returned, but without specific direction as to how you wish your votes to be cast the form will be rejected.

2. The "Withheld" option overleaf is provided to enable you to abstain on any particular resolution. However, it should be noted that that a 'Vote Withheld is not a vote in law and will not be counted in the calculation of the proportion of the votes 'For' or 'Against' a resolution.

3. Any alterations made to this form should be initialled.

4.
The completion and return of this form will not preclude a member from attending the meeting and voting in person.

5. Every holder has the right to appoint some other person of their choice, who need not be a Shareholder, to attend and act on their behalf at the meeting. If you wish to appoint a person other than the Chairman, please insert the name of your chosen proxy holder in the space provided (see reverse).

6. Please ensure the completed voting instrument is returned to Link Group at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England.

To be effective, this form must be lodged at Link Group at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England no later than 48 hours before the commencement of the Meeting.

Form of Proxy

Please use a black pen. Mark an "X" inside the box to indicate your directions, as shown in this example: I/We hereby direct the Chairman of the Meeting OR the following person:

Please leave this box blank if you have selected the Chairman. Do not insert your own name(s).

As my/our proxy to attend and vote on my/our behalf at the meeting of shareholders of ACG Acquisition Company Limited to be held at the offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England on 20 July 2023 at 10 a.m. (London time) and any adjournment of that meeting.

Resolutions

2. THAT, subject to the closing of the Acquisition, the Memorandum and Articles of Association of the Company be amended in the form recommended by the Board of Directors of the Company and appended to the shareholders circular in Exhibit B, with effect upon the Acquisition Closing.	For	Against	Withheld
3. THAT, subject to the closing of the Acquisition, Mr. Vincent Benoit (as nominated by LMH Explorers S.à r.l. pursuant to its Anchor Investment Agreement with the Company) be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
4. THAT, subject to the closing of the Acquisition, Ms. Fiona Jane Mary Paulus be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
5. THAT, subject to the closing of the Acquisition, Ms. Carole Whittall be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
6. THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Value Creation Plan ("VCP") be and are hereby approved; (ii) the Directors be and are hereby authorised to adopt the VCP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the VCP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the VCP.	For	Against	Withheld
7. THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Equity Incentive Plan ("EIP") be and are hereby approved; (ii) the Directors be and are hereby authorised to adopt the EIP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the EIP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the EIP.	For	Against	Withheld
8. THAT, subject to the closing of the Acquisition, Ernst and Young LLP be and is hereby appointed as the Company's new independent auditors, to replace RSM UK Corporate Finance LLP, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such appointment.	For	Against	Withheld
9. THAT the Company's financial year be and is hereby altered to end on December 31 of each calendar year, with immediate effect, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such change.	For	Against	Withheld

I/We would like my/our proxy to vote on the resolutions proposed at the meeting as indicated on this form. Unless otherwise instructed the proxy may vote as he or she sees fit or abstain in relation to any business of the meeting.

Signature Date

DD / MM/ YY In the case of joint holders, only one holder need sign. In the case of acorporation, the Form of Proxy should be signed by a duly authorised official whose capacity should be stated, or by an attorney.

FORM OF DIRECTION

ACG ACQUISITION COMPANY LIMITED

Registered number 2067083

Form of Direction - Extraordinary General Meeting of Shareholders to be held on 20 July 2023

Kindly note: This form is issued only to the addressee(s). The Custodian accepts no liability for any instruction that does not comply with this form.

Explanatory Notes:

2. The 'Withheld' option overleaf is provided to enable you to abstain on any particular resolution. However, it should be noted that that a 'Vote Withheld' is not a vote in law and will not be counted in the calculation of the proportion of the votes 'For' or 'Against' a resolution.

3. Any alterations to this form should be initialled.

4. The completion and return of this form will not preclude a member from attending the meeting and voting in person.

5. A member of CREST may use the CREST electronic voting appointment service via the CREST system, CREST messages must be received by the issuer's agent (ID number (ID: RA10) not later than 72 hours before the time appointed for the holding of the meeting.

6. Should the holder, or a representative of that holder, wish to attend the meeting and/o r vote at the meeting please ensure the relevant box is completed on the reverse. Upon receipt of this instruction, the registered holder, shown above, will receive a Letter of Representation from Link Group authorising the person detailed overleaf to attend on behalf of the holder.

7. Please ensure the completed voting instrument is returned to: Link Group at PXS1, Central Square, 29 Wellington Street, Leeds, LS1 4DL, England.

To be effective, all votes must be lodged at the office of the Custodian no later than 72 hours before the commencement of the meeting.

Form of Direction

Please use a black pen. Mark an "X" inside the box to indicate your directions; as shown in this example.

I/We hereby:

1) represent that I/we am/are either (a) outside the United States, or (b) a qualified institutional buyer (within the meaning given by Rule 144A under the US Securities Act of 1933); 2) represent that I/we am/are the holder of the depositary interests in Class A Ordinary Shares that are the subject of this Direction; 3) direct the Custodian "Link Market Services Trustees Limited" to vote on my/our behalf at the meeting of shareholders to be held at the offices of Cleary Gottlieb Steen & Hamilton LLP at 2 London Wall, Barbican, London, EC2Y 5AU, England on 20 July 2023 at 10 a.m.(London time) and any adjournment of that meeting; and 4) by continuing to hold depositary interests following the date of execution of this form, acknowledge and agree to be bound by the transfer restrictions set forth in the section headed "Part XVI-Notices to Investors" in the Prospectus (mutatis mutandis with respect to such depositary interests).

==Resolutions

1. THAT the Acquisition be and is hereby approved by the Class A Ordinary Shares of Public Shareholders, that any transactions required to effect the Acquisition be and are hereby approved by the Class A Ordinary Shares of Public Shareholders, and that the Directors of the Company be authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to the Acquisition.	For	Against	Withheld
2. THAT, subject to the closing of the Acquisition, the Memorandum and Articles of Association of the Company be amended in the form recommended by the Board of Directors of the Company and appended to the shareholders circular in Exhibit B, with effect upon the Acquisition Closing.	For	Against	Withheld
3. THAT, subject to the closing of the Acquisition, Mr. Vincent Benoit (as nominated by LMH Explorers S.à r.l. pursuant to its Anchor Investment Agreement with the Company) be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
4. THAT, subject to the closing of the Acquisition, Ms. Fiona Jane Mary Paulus be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
5. THAT, subject to the closing of the Acquisition, Ms. Carole Whittall be elected to the board of directors of the Company, with effect immediately following the Acquisition Closing, and to hold office until the next general meeting of shareholders at which directors are to be elected for the board of directors of the Company.	For	Against	Withheld
6. THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Value Creation Plan ("VCP") be and are hereby approved; (ii) the Directors be and are hereby authorised to adopt the VCP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the VCP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the VCP.	For	Against	Withheld
7. THAT, subject to the closing of the Acquisition: (i) the rules of the ACG Equity Incentive Plan ("EIP") be and are hereby approved; (ii) the Directors be and are hereby authorised to adopt the EIP and do all such acts and things as they may consider necessary or desirable to implement and give effect to it; and (iii) the Directors be and are hereby authorised to adopt such further plans or sub-plans based on the EIP but modified to take account of local tax, social security, exchange control or securities laws in overseas territories, provided that any shares made available under such further plans or sub-plans shall be treated as counting against the limit on overall participation in the EIP.	For	Against	Withheld
8. THAT, subject to the closing of the Acquisition, Ernst and Young LLP be and is hereby appointed as the Company's new independent auditors, to replace RSM UK Corporate Finance LLP, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such appointment.	For	Against	Withheld
9. THAT the Company's financial year be and is hereby altered to end on December 31 of each calendar year, with immediate effect, and that the Directors be and are hereby authorised to take all such steps as any of them may consider necessary or desirable to implement and give full effect to such change.	For	Against	Withheld

Intention to attend

I wish to attend the meeting of shareholders. Any Depository Interest Holder who wishes to attend the Meeting must contact the Depositary at Link Market Services Trustees Limited, Link Group, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom or by email by using nominee.enquiries@linkgroup.co.uk in order to request a Letter of Representation no later than 10 a.m. on 17 July 2023.

Signature Date

DD / MM/ YY In the case of joint holders, only one holder need sign. In the case of a

corporation, the Form of Direction should be signed by a duly authorised official whose capacity should be stated, or by an attorney.

EXHIBIT A

Prospectus prepared by the Company in connection with the Acquisition and Re-Admission, as approved by the FCA on 30 June 2023

A copy of the Prospectus will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

EXHIBIT B

Proposed Amended and Restated Memorandum and Articles of Association

TERRITORY OF THE BRITISH VIRGIN ISLANDS BVI BUSINESS COMPANIES ACT 2004

ACG ELECTRIC METALS LIMITED

A Company Limited by Shares

AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION

TERRITORY OF THE BRITISH VIRGIN ISLANDS BVI BUSINESS COMPANIES ACT 2004

MEMORANDUM OF ASSOCIATION OF

ACG ELECTRIC METALS LIMITED

(the Company)

A Company Limited By Shares

1 NAME

1.1. The name of the Company is ACG Electric Metals Limited.

2 STATUS

2.1. The Company is a company limited by shares.

3 REGISTERED OFFICE AND REGISTERED AGENT

3.1. The first registered office of the Company is at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.

3.2. The first registered agent of the Company is Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, VG 1110, British Virgin Islands.

3.3. The Company may, by Resolution of Shareholders or by Resolution of Directors, change the location of its registered office or change its registered agent.

3.4. If at any time the Company does not have a registered agent it may, by Resolution of Shareholders or Resolution of Directors, appoint a registered agent.

3.5. Any change of registered office or registered agent will take effect on the registration by the Registrar of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands acting on behalf of the Company.

3.6. The registered agent shall:

(a) act on the instructions of the Directors if those instructions are contained in a Resolution of Directors and a copy of the Resolution of Directors is made available to the registered agent; and

(b) recognise and accept the appointment or removal of a Director by the Shareholders.

4 CAPACITY AND POWERS

4.1. Subject to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:

(a) full capacity to carry on or undertake any business or activity, do any act, or enter into any transaction; and

(b) for the purposes of paragraph (a), full rights, powers, and privileges.

4.2. For the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

4.3. Each Reserved Matter is subject to the restrictions set out in Clause 7.

5 NUMBER AND CLASSES OF SHARES

5.1. Shares in the Company shall be issued in the currency of the United States of America.

5.2. The Company is authorised to issue an unlimited number of Class A Ordinary Shares with no par value.

5.3. The Company shall not issue fractional Shares and fractional Shares generated by any corporate action may, at the discretion of the Directors, be rounded down to the nearest whole Share.

5.4. Shares may be issued in one or more series of Shares as the Directors may by Resolution of Directors determine from time to time.

6 RIGHTS OF SHARES

6.1. Each Class A Ordinary Share confers upon the Shareholder:

(a) the right to attend any Shareholder Meeting;

(b) the right to one vote on any Resolution of Shareholders;

(d) the right to an equal share in the distribution of the surplus assets of the Company with each other Class A Ordinary Share; and

(e) such other rights and entitlements as may be specified in the Articles.

7 RESERVED MATTER

7.1. The following constitute Reserved Matters:

(a) amending this Clause 7.1; and

(b) amending Regulation 3.

7.2. Notwithstanding anything else in this Memorandum or the Articles, a Reserved Matter must be approved by a Reserved Matter Shareholder Resolution.

8 VARIATION OF RIGHTS

8.1. The rights conferred upon the holders of the Shares of any class may only be varied, whether or not the Company is in liquidation, with the consent in writing of the holders of more than 66.6% of the issued Shares of that class or by a resolution approved at a duly convened and constituted meeting of the Shares of that class by the affirmative vote of more than 66.6% of the votes of the Shares of that class which were present at the meeting and were voted.

8.2. The rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking equally with such existing Shares.

9 REGISTERED SHARES

9.1. The Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares.

10 AMENDMENT OF THE MEMORANDUM AND THE ARTICLES

10.1. Subject to Clause 7 and 8, the Company may only amend this Memorandum or the Articles by a written resolution approved by a resolution consented to in writing by the affirmative vote of at least two-thirds of the votes of the Shares entitled to vote on such resolution or a resolution approved at a duly convened and constituted Shareholder Meeting by the affirmative vote of at least two-thirds of the votes of the Shares entitled to vote thereon which were present at the meeting and were voted.

10.2. Any amendment of this Memorandum or the Articles will take effect from the date that the notice of amendment, or restated Memorandum and Articles incorporating the amendment, is registered by the Registrar or from such other date as determined pursuant to the Act.

11 DEFINITIONS AND INTERPRETATION

11.1. In this Memorandum and the attached Articles, if not inconsistent with the subject or context:

Act means the BVI Business Companies Act 2004 and includes the BVI Business Companies Regulations 2012 and any other regulations made under the Act.

Annual General Meeting has the meaning given to it at Regulation 8.2.

Appointing Director has the meaning given to it at Regulation 15.5.

Articles means the attached articles of association of the Company.

Audit Committee has the meaning given to it at Regulation 25.13.

Board means the board of Directors.

Business Day means any day which is not a Saturday, Sunday or recognised public holiday in the British Virgin Islands, England and Wales, or in the United States of America.

Class A Ordinary Shareholders means holders of Class A Ordinary Shares.

Class A Ordinary Shares means the Class A Ordinary shares issued from time to time.

Directors means directors of the Company.

Disapplication has the meaning given to it at Regulation 3.1.

Effective Date means [ ] 2023.

Equity Securities has the meaning given to it at Regulation 3.1(c). Excess Equity Securities has the meaning given to it at Regulation 3.1(c).

FCA means the UK Financial Conduct Authority.

Going Private Transaction means any transaction (including any acquisition, merger, arrangement, amalgamation, or other business combination) involving or that would involve:

(a) any person beneficially or legally owning, directly or indirectly, all outstanding securities of the Company; or

(b) the consummation of the sale or disposition by the Company of all, or substantially all of, the Company's assets.

Incentive Securities means any options or other awards granted, or any Equity Securities issued upon exercise of options or awards granted (whether before or after the date of this Memorandum), pursuant to any Incentive Scheme, which is in existence on the date of this Memorandum or subsequently approved by a Resolution of Shareholders pursuant to Regulation 13.3.

Incentive Scheme means any bona fide:

(a) share incentive, share option, share trust, profit sharing, bonus or other incentive scheme or arrangement; or

(b) scheme providing any bonus, commission or remuneration of any sort calculated by reference to turnover, profits, sales or performance,

for or affecting:

(i) any bona fidecurrent or former employees, non-executive directors or consultants of the Company or any subsidiary of the Company; or

(ii) the spouses, civil partners, surviving spouses, surviving civil partners, or minor children, or stepchildren of such individuals.

La Mancha means LMH Explorers s.à r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of Luxembourg.

La Mancha Nomination Notice has the meaning given to it at Regulation 11.2.

La Mancha Nomination Right means La Mancha's right to require the appointment of a Director to the Board in accordance with Regulation 11.

La Mancha Nominee means any person nominated by La Mancha to serve as a Director in accordance with Regulation 11.

La Mancha Removal Notice has the meaning given to it at Regulation 11.6. Listing Rules means the listing rules of the FCA as amended from time to time. London Stock Exchange means London Stock Exchange plc.

Main Market means the main market operated by the London Stock Exchange.

Memorandum means this memorandum of association of the Company.

Minimum Holding means a holding of at least a 10% equity interest in the Company.

New Director has the meaning given to it at Regulation 11.14.

Official List means the official list maintained by the FCA.

person includes individuals, corporations, trusts, the estates of deceased individuals, partnerships, and unincorporated associations of persons.

Prohibited Transaction has the meaning given to it at Regulation 7.8.

Proscribed Powers means the powers to:

(a) amend this Memorandum or the Articles;

(b) designate committees of Directors;

(d) appoint or remove Directors;

(e) appoint or remove an agent;

(f) approve a plan of merger, consolidation, or arrangement;

(g) make a declaration of solvency or to approve a liquidation plan; or

(h) make a determination that immediately after a proposed distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

Register of Directors means the register of directors of the Company. Register of Members means the register of members of the Company. Registrar means the BVI Registrar of Corporate Affairs.

Reserved Matter has the meaning given to it at Clause 7.1.

Reserved Matter Shareholder Resolution means:

(a) a resolution approved at a duly convened and constituted Shareholder Meeting by the affirmative vote of at least 90% of the votes of the Shares of the Shareholders entitled to vote thereon which were present at the meeting and voted; or

(b) a resolution consented to in writing by at least 90% of the votes of the Shares entitled to vote on such resolution.

Resolution of Directors means either:

(a) a resolution approved at a duly convened and constituted meeting of Directors or of a committee of Directors by the affirmative vote of a majority of the Directors present at the meeting who voted except that where a Director is given more than one vote, they shall be counted by the number of votes they cast for the purpose of establishing a majority; or

(b) a resolution consented to in writing by an absolute majority of the total number of Directors or by an absolute majority of all the members of a committee of Directors, as the case may be.

Resolution of Shareholders means either:

(a) a resolution approved at a duly convened and constituted Shareholder Meeting by the affirmative vote of a majority of the votes of the Shares of the Shareholders entitled to vote thereon which were present at the meeting and voted; or

(b) a resolution consented to in writing by a majority of the votes of the Shares entitled to vote on such resolution.

Sanctioned Shares has the meaning given to it at Regulation 7.8.

Seal means any seal which has been duly adopted as the common seal of the Company.

Securities Act means the U.S. Securities Act of 1933.

Share means a share issued or to be issued by the Company.

Shareholder means a person whose name is entered in the Register of Members as the holder of one or more Shares.

Shareholder Meeting means a meeting of Shareholders held in accordance with the provisions of the Articles.

Stellantis means Stellantis N.V., a company organized under the laws of the Netherlands.

Stellantis Nomination Notice has the meaning given to it at Regulation 12.1.

Stellantis Nomination Right means Stellantis' right to require the appointment of a Director to the Board in accordance with Regulation 12.

Stellantis Nominee means any person nominated by Stellantis to serve as a Director in accordance with Regulation 12.

Stellantis Removal Notice has the meaning given to it at Regulation 12.9.

U.S. Investment Company Act means the U.S. Investment Company Act of 1940, as amended and the rules adopted thereunder.

Warrant Instrument means an instrument constituting the Warrants executed by the Company.

Warrants means any warrants to subscribe for Shares issued or to be issued pursuant to a Warrant Instrument.

written or any term of like import includes information generated, sent, received, or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric, or photonic means, including electronic data interchange, electronic mail, telegram, telex, or telecopy, and in writing shall be construed accordingly.

11.2. In this Memorandum and the Articles, unless the context otherwise requires, a reference to:

(a) a Regulation is a reference to a regulation of the Articles;

(b) a Clause is a reference to a clause of this Memorandum;

(c) voting by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting;

(d) a provision of law (including the Act) is a reference to that provision as amended or re-enacted;

(e) this Memorandum or the Articles is a reference to those documents as amended; and

(f) the singular includes the plural and vice versa.

11.3. Where a period of time is expressed as a number of days, the days on which the period begins and ends are not included in the computation of the number of days.

11.4. Any reference to a month shall be construed as a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month and a reference to a period of several months shall be construed accordingly.

11.5. Any words or expressions defined in the Act bear the same meaning in this Memorandum and the Articles unless the context otherwise requires or they are otherwise defined in this Memorandum or the Articles.

11.6. Headings are inserted for convenience only and shall be disregarded in interpreting this Memorandum and the Articles.

Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands incorporating a BVI Business Company under the laws of the British Virgin Islands on 22nd of June 2021:

Incorporator

Sgd: Indira Ward-Lewis

…………………………..

Indira Ward-Lewis Authorised Signatory

HARNEYS CORPORATE SERVICES LIMITED

TERRITORY OF THE BRITISH VIRGIN ISLANDS BVI BUSINESS COMPANIES ACT 2004

ARTICLES OF ASSOCIATION OF

ACG ELECTRIC METALS LIMITED

A Company Limited by Shares

1. DISAPPLICATION OF THE ACT

The following sections of the Act shall not apply to the Company:

(a) section 46 (Pre-emptive rights);

(b) section 60 (Process for acquisition of own shares);

(d) section 62 (Shares redeemed otherwise than at the option of company); and

(e) section 175 (Disposition of assets).

2 SHARES

2.1. Any issue of Shares shall be subject to Regulation 3 and Regulation 7.8.

2.2. Subject to the provisions, if any, in the Memorandum or these Articles (and to any direction that may be given by the Company at a Shareholder Meeting), the Act and, where applicable, the rules of the London Stock Exchange and/or any competent regulatory authority, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over, or otherwise dispose of Shares with or without preferred, deferred, or other rights or restrictions, whether in regard to a dividend or other distribution, voting, return of capital, or otherwise and to such persons, at such times, and on such other terms as they think proper, and may also (subject to the Act) vary such rights.

2.3. The Company may issue securities in the Company, which may be comprised of whole or fractional Shares, rights, options, Warrants, or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase, or receive any class of Shares or other securities in the Company, upon such terms as the Directors may from time to time determine.

2.4. Upon request, a Shareholder is entitled to a certificate signed by a Director or officer of the Company, or any other person authorised by Resolution of Directors, or under the Seal specifying the number of Shares held by them and the signature of the Director, officer, or authorised person and the Seal may be facsimiles.

2.5. Every certificate shall bear such legend, if any, as required by the Company.

2.6. Any Shareholder receiving a certificate shall indemnify and hold the Company and its Directors and officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.

2.7. If several persons are registered as joint holders of any Shares, any one of such persons may give an effectual receipt for any distribution.

2.8. No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating:

(a) the amount to be credited for the issue of the Shares; and

b) that, in their opinion, the present cash value of the non-money consideration for the issue is not less than the amount to be credited for the issue of the Shares.

2.9. The consideration for a Share with par value shall be not less than the par value of the Share. If a Share with par value is issued for consideration less than the par value, the person to whom the Share is issued is liable to pay to the Company an amount equal to the difference between the issue price and the par value.

2.10. The Company shall keep a Register of Members containing:

(a)           the names and addresses of the persons who hold Shares

(b)           the number of each class and series of Shares held by each Shareholder;

(c)           the date on which the name of each Shareholder was entered in the Register of Members; and

(d)           the date on which any person ceased to be a Shareholder.

2.11. The Register of Members may be in any such form as the Directors may approve, but if it is in magnetic, electronic, or other data storage form, the Company must be able to produce legible evidence of its contents. Until the Directors otherwise determine, the magnetic, electronic, or other data storage form shall be the original Register of Members.

2.12. A Share is deemed to be issued when the name of the Shareholder is entered in the Register of Members.

3 FURTHER ISSUE OF SHARES: PRE-EMPTION RIGHTS

3.1. Unless and until disapplied by a Reserved Matter Shareholder Resolution (the Disapplication), and then only within the terms of the Disapplication, the following pre- emptive provisions will apply to any issue of Shares or any other equity securities that can be issued by the Company (including, but not limited to, Warrants and other rights to subscribe for, or to convert securities into, ordinary shares of the Company) (Equity Securities):

(a) if the Company proposes to allot and issue any Equity Securities, including, without limitation:

(i) make any transfers out of treasury of;

(ii) convert any security into;

(iii) grant any rights to subscribe for; or

(iv) grant any rights to subscribe for any securities convertible into,

Equity Securities in the Company, whether conditional or unconditional, and whether such Equity Securities participate in dividends and/or distributions up to a specified amount or not, those Equity Securities shall not be allotted or issued to any person unless the Company has first offered them to all Shareholders on the date of the offer on the same or more favourable terms, as those Equity Securities are being offered to other persons on a pari passu and pro rata basis to the number of Equity Securities held by those holders (as nearly as possible without involving fractions);

(b) an offer shall be in writing, shall be open for acceptance for a period of 10 Business Days from the date of the offer and shall give details of the number and subscription price of the relevant Equity Securities, with a further 5 Business Days from the date on which acceptance of the offer is received by the Company provided to each Shareholder to fund the respective proportion of the Equity Securities that are subject of this acceptance;

(c) the offer may stipulate that any Shareholder who wishes to subscribe for a number of Equity Securities in excess of the proportion to which they are entitled shall, in their acceptance, state the number of excess Equity Securities (Excess Equity Securities) for which they wish to subscribe; and

(d) this Regulation 3.1 shall not apply to the allotment and issue of the following Equity Securities:

(i) to any Incentive Securities;

(ii) to any Equity Securities allotted, as part of a bonus issue, proportionately to all Shareholders;

(iii) to any Equity Securities allotted as part of a restructuring plan or equivalent measures approved by the relevant court in accordance with applicable provisions under the laws of the British Virgin Islands;

(iv) to any allotment as all or part of the consideration for any bona fidebusiness combination transaction; or

(v) to any rights to subscribe for Equity Securities (including, pursuant to any Warrants) existing at the Effective Date.

3.2. Any Equity Securities not accepted by Shareholders pursuant to the offer made to them in accordance with Regulation 3.1 shall be used for satisfying any requests for Excess EquiSecurities made pursuant to Regulation 3.1. If there are insufficient Excess Equity Securities to satisfy such requests, the Excess Equity Securities shall be allotted to the applicants pro rata to the number of Shares held by the applicants immediately before the offer was made to Shareholders in accordance with Regulation 3.1 (as nearly as possible without involving fractions or increasing the number of Excess Equity Securities allotted to any Shareholder beyond that applied for by that Shareholder). After that allotment, any Excess Equity Securities remaining shall be offered to any other person as the Directors may determine, at the same price and on the same terms as the offer to the Shareholders.

4 REDEMPTION OF SHARES AND TREASURY SHARES

4.1. The Company may purchase, redeem, or otherwise acquire and hold its own Shares save that the Company may not purchase, redeem, or otherwise acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed, or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem, or otherwise acquire the Shares without their consent.

4.2. The Company may acquire its own fully paid Shares for no consideration by way of surrender of the Shares to the Company by the person holding the Shares. Any such surrender shall be evidenced in writing and signed by the person holding the Shares.

4.3. The Company may only offer to purchase, redeem, or otherwise acquire Shares if the Resolution of Directors authorising the purchase, redemption, or other acquisition contains a statement that the Directors are satisfied, on reasonable grounds, that immediately after the purchase, redemption, or other acquisition the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

4.4. Shares that the Company purchases, redeems, or otherwise acquires may be cancelled or held as treasury shares provided that the number of Shares purchased, redeemed, or otherwise acquired and held as treasury shares, when aggregated with Shares of the same class already held by the Company as treasury shares, may not exceed 50% of the Shares of that class previously issued by the Company excluding Shares that have been cancelled. Shares which have been cancelled shall be available for reissue.

4.5. All rights and obligations attaching to a treasury share are suspended and shall not be exercised by the Company while it holds the Share as a treasury share.

4.6. Treasury shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

5 MORTGAGES AND CHARGES OF SHARES

5.1. Shareholders may mortgage or charge their Shares.

5.2. There shall be entered in the Register of Members at the written request of the Shareholder:

(a) a statement that the Shares held by them are mortgaged or charged;

(b) the name of the mortgagee or chargee; and

5.3. Where particulars of a mortgage or charge are entered in the Register of Members, such particulars may be cancelled:

(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on their behalf; or

(b) upon evidence satisfactory to the Directors of the discharge of the liability secured by the mortgage or charge and the issue of such indemnities as the Directors shall consider necessary or desirable.

5.4. Whilst particulars of a mortgage or charge over Shares are entered in the Register of Members pursuant to this Regulation:

(a) no transfer of any Share the subject of those particulars shall be effected;

(b) the Company may not purchase, redeem, or otherwise acquire any such Share; and

(c) no replacement certificate shall be issued in respect of such Shares, without the written consent of the named mortgagee or chargee.

5.5. The Directors may not resolve to refuse or delay the transfer of a Share pursuant to the

enforcement of a valid security interest created over the Share.

6 FORFEITURE

6.1. Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares or securities issued for a promissory note, other written obligation to contribute money or property, or a contract for future services are deemed to be not fully paid.

6.2. A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment in respect of the Shares.

6.3. The written notice of call referred to in Regulation 6.2 shall name a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited.

6.4. Where a written notice of call has been issued pursuant to Regulation 6.2 and the requirements of the notice have not been complied with, the Directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

6.5. If a Shareholder intends to offer, sell, transfer, assign, novate, or otherwise dispose of any Shares or Warrants they shall do so only in compliance with an exemption from the registration requirements of the Securities Act and under circumstances which will not require the Company to register under the U.S. Investment Company Act.

6.6. The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to Regulation 6.4 and 6.5 and that Shareholder shall be discharged from any further obligation to the Company.

7 TRANSFER OF SHARES AND WARRANTS

7.1. A Share may, subject to the provisions of the Articles, be transferred subject to the prior or subsequent approval of the Company contained in a Resolution of Shareholders or a Resolution of Directors.

7.2. Shares may be transferred by a written instrument of transfer signed by the transferor and containing the name and address of the transferee, which shall be sent to the Company for registration, provided that such transfer also complies with applicable laws of England and Wales. If the Shares in question were issued in conjunction with rights, options, or warrants issued on terms that one cannot be transferred without the other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory to them of the like transfer of such option or warrant.

7.3. In accordance with Section 54(A) of the Act, in addition to the above, the instrument of transfer of any Share shall be in writing in the usual or common form or in a form prescribed by the London Stock Exchange or in any other form approved by the officers of the Company and shall be executed by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee) and may be under hand or, if the transferor or transferee is a clearing house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Directors may approve from time to time.

7.4. The transfer of a Share is effective when the name of the transferee is entered on the Register of Members.

7.5. If the Directors are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

(b) that the transferee's name should be entered in the Register of Members notwithstanding the absence of the instrument of transfer.

7.6. The personal representative of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder at the time of the transfer.

7.7. The Directors may not resolve to refuse or delay the transfer of a Share unless:

(a) the Shareholder has failed to pay an amount due in respect of the Share; or

(b) such transfer would breach or cause a breach of:

(i) the rules of the London Stock Exchange or any stock exchange on which the Shares may be listed; (ii) applicable law or regulation at such times and for such periods as the Directors may from time to time determine.

7.8. Regulations 7.9 and 7.10 shall apply to any issue, transfer, or disposal of any interest in a Share (the Sanctioned Shares) which would result in the Company becoming a sanctioned entity (a Prohibited Transaction).

7.9. Where a Prohibited Transaction occurs, none of the rights vested in a Shareholder relating to the Sanctioned Shares may be exercised, and all such rights are suspended until Regulation 7.10 has been complied with and such shares have been transferred to a third party. This includes but is not limited to any right to:

(a) attend or be counted in the quorum or vote either personally or by proxy at any Shareholder Meeting or at any separate meeting of the holders of any class of Shares or upon any poll or to exercise any other right or privilege in relation to any Shareholder Meeting or any meeting of the holders of any class of Shares;

(b) vote on any Resolution of Shareholders or consent to any other corporate action;

(c) receive dividends or other distributions in relation to such Shares (whether or not declared before or after the suspension);

(d) redeem or convert such Shares; or

(e) receive any surplus assets in the liquidation of the Company.

7.10. The Company will, no later than five (5) Business Days after becoming aware a Prohibited Transaction has taken place, cause the Sanctioned Shares to be sold on the open market in a transaction which is not a Prohibited Transaction (including, where such Sanctioned Shares are held in dematerialised form, by procuring the transfer of the depository interest representing the Sanctioned Shares), the cash proceeds of which will be delivered to the relevant Shareholder(s), subject to:

(a) deduction from any such cash proceeds of any applicable withholding taxes and of an amount equal to any stamp duty, stamp duty reserve tax, or any other capital gain, net income, issue, transfer, registration, financial transaction, or documentary tax that may arise or be paid as a consequence of such sale; and

(b) the delivery by the relevant Shareholder of any other information required by law or reasonably required by the Company.

8 MEETINGS AND CONSENTS OF SHAREHOLDERS

8.1. The Board may convene a Shareholder Meeting at such times and in such manner and places within or outside the British Virgin Islands as the Director considers necessary or desirable.

8.2. Notwithstanding 8.1, the Company shall hold at least one Shareholder Meeting in every calendar year which shall be designated as an Annual General Meeting.There shall be no more than one year between each Annual General Meeting. Unless the context otherwise requires, reference in these Articles to a Shareholder Meeting shall include an Annual General Meeting.

8.3. Upon the written request of Shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the Shareholder Meeting is requested the Directors shall convene a Shareholder Meeting.

8.4. A Director convening a Shareholder Meeting shall give not less than 7 days' notice of a Shareholder Meeting to:

(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the Register of Members and are entitled to vote at the Shareholder Meeting; and

(b) the other Directors.

8.5. The notice must specify if the Shareholder Meeting is an Annual General Meeting. Any other meeting shall be considered an extraordinary general meeting.

8.6. Notice of a Shareholder Meeting may be given in writing or by electronic means. If notice is sent by electronic means, it shall be deemed to have been given when the communication is electronically transmitted. Notice shall be deemed to have been validly given if notice is published on the Company's website and via a Regulatory News Service (RNS) announcement, regardless of whether any communication is sent to individual Shareholders by any means, and in such case shall be deemed to have been given on the latter of the two to occur.

8.7. The Director convening a Shareholder Meeting may fix as the record date for determining those Shareholders that are entitled to vote at the Shareholder Meeting the date notice is given of the Shareholder Meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice.

8.8. A Shareholder Meeting held in contravention of the requirement to give notice is valid if it is so agreed:

(a) in the case of an Annual General Meeting, by all the Shareholders entitled to attend and vote at the Annual General Meeting; and

(b) in the case of any other Shareholder Meeting, if a majority in number of the Shareholders holding at least 90% of the total voting rights on all the matters to be considered at the Shareholder Meeting have waived notice of the Shareholder Meeting and, for this purpose, the presence of a Shareholder at the Shareholder Meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

8.9. The inadvertent failure of a Director who convenes a Shareholder Meeting to give notice of a Shareholder Meeting to a Shareholder or another Director, or the fact that a Shareholder or another Director has not received notice, does not invalidate the Shareholder Meeting.

8.10. A Shareholder may be represented at a Shareholder Meeting by a proxy who may speak and vote on behalf of the Shareholder.

8.11. The instrument appointing a proxy shall be produced at the place designated for the Shareholder Meeting before the time for holding the Shareholder Meeting at which the

person named in such instrument proposes to vote. The notice of the Shareholder Meeting may specify an alternative or additional place or time at which the proxy shall be presented.

8.12. The instrument appointing a proxy shall be in substantially the following form or such other form as approved by the Directors or as the chair of the Shareholder Meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

8.13.

The following applies where Shares are jointly owned:

(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a Shareholder Meeting and may speak as a Shareholder;

(b) if only one of the joint owners is present in person or by proxy they may vote on behalf of all joint owners; and

8.14. A Shareholder shall be deemed to be present at a Shareholder Meeting if they participate by telephone or other electronic means and all Shareholders or their authorised representatives participating in the Shareholder Meeting are able to hear each other.

8.15. A Shareholder Meeting is duly constituted if, at the commencement of the Shareholder Meeting, there are present in person or by proxy not less than thirty percent (30%) of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at the Shareholder Meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders.

8.16. If within two hours from the time appointed for the Shareholder Meeting a quorum is not present, the Shareholder Meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next Business Day in the jurisdiction in which the Shareholder Meeting was to have been held at the same time and place or to such other time and place as the Directors may determine, and if at the adjourned Shareholder Meeting there are present within one hour from the time appointed for the Shareholder Meeting in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the Shareholder Meeting, those present shall constitute a quorum but otherwise the Shareholder Meeting shall be dissolved.

8.17. At every Shareholder Meeting, the chair of the Board shall preside as chair of the Shareholder Meeting. If there is no chair of the Board or if that chair is not present at the Shareholder Meeting, the Shareholders present shall choose one of their number to be the chair. If the Shareholders are unable to choose a chair for any reason, then the person representing the greatest number of voting Shares present in person or by proxy at the Shareholder Meeting shall preside as chair failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

8.18. The chair may, with the consent of the Shareholder Meeting, adjourn any Shareholder Meeting from time to time, and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the Shareholder Meeting from which the adjournment took place.

8.19. At any Shareholder Meeting the chair is responsible for deciding in such manner as they consider appropriate whether any resolution proposed has been carried or not and the result of their decision shall be announced to the Shareholder Meeting and recorded in the minutes of the Shareholder Meeting. If the chair has any doubt as to the outcome of the vote on a proposed resolution, they shall cause a poll to be taken of all votes cast upon such resolution. If the chair fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chair of the result of any vote may immediately following such announcement demand that a poll be taken and the chair shall cause a poll to be taken. If a poll is taken at any Shareholder Meeting, the result shall be announced to the Shareholder Meeting and recorded in the minutes of the Shareholder Meeting.

8.20. Subject to the specific provisions contained in this Regulation for the appointment of representatives of persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the documents by which, the person is constituted or derives its existence. In case of doubt, the Directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

8.21. Any person other than an individual which is a Shareholder may by resolution of its Directors or other governing body authorise such individual as it thinks fit to act as its representative at any Shareholder Meeting or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which they represent as that Shareholder could exercise if it were an individual.

8.22. The chair of any Shareholder Meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within 7 days of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded.

8.23. Directors may attend and speak at any Shareholder Meeting and at any separate meeting of the holders of any class or series of Shares.

8.24. An action that may be taken by the Shareholders at a Shareholder Meeting may also be taken by a resolution consented to in writing, without the need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution. The consent may be in the form of counterparts; each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

9 UNTRACEABLE MEMBERS

9.1. Where any Shareholder is untraceable, the Company may sell any of their Shares provided that:

(a) no less than 3 checks for any sums payable in cash to such Shareholder have remained uncashed for a period of 12 years from the date of issue of the check;

(b) the Company not having during that time or before the expiry of the three-month period referred to in Regulation 9.1(c) received any indication of the existence of the Shareholder or person entitled to such shares by death, bankruptcy, or operation of law; and

(c) upon expiration of the 12-year period, an advertisement has been published in newspapers, giving notice of the Company's intention to sell those Shares, and a period of three months or such shorter period has elapsed since the date of such advertisement.

9.2. Where the Company sells the Shares of any untraceable Shareholder, the net proceeds of any such sale shall be held in the Company, and the net proceeds shall be accounted as a debt due to that untraceable Shareholder for an amount equal to such net proceeds.

10 DIRECTORS

10.1. The Directors shall be elected by Resolution of Shareholders or in the circumstances provided at Regulation 10.8 by Resolution of Directors.

10.2. No person shall be appointed as a Director or alternate Director, or nominated as a reserve Director, unless they have consented in writing to be a Director or alternate Director, or to be nominated as a reserve Director.

10.3. The minimum number of Directors shall be one and there shall be no maximum number of directors. Any change in the number of Directors shall be approved by a Resolution of Shareholders.

10.4. Each Director holds office for the term, if any, fixed by the Resolution of Shareholders appointing them, or until their earlier death, resignation, or removal. If no term is fixed on the appointment of a Director, the Director serves indefinitely until their earlier death, resignation, or removal.

10.5. No Director will be required to submit for re-election until the first Annual General Meeting following the Effective Date.

10.6. A Director may be removed from office:

(a) with or without cause, by Resolution of Shareholders passed at a Shareholder Meeting called for the purpose of removing the Director or for purposes including the removal of the Director or by a written resolution passed by at least 75% of the votes of the Shares of the Company entitled to vote; or

(b) with cause, by Resolution of Directors passed at a meeting of Directors called for the purpose of removing the Director or for purposes including the removal of the Director.

10.7. A Director may resign their office by giving written notice of their resignation to the Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified in the notice. A Director shall resign forthwith as a Director if they are, or become, disqualified from acting as a Director under the Act.

10.8. The Directors may at any time appoint any person to be a Director to fill a vacancy. Where the Directors appoint a person as Director to fill a vacancy, the term shall expire on the earlier of:

(a) the end of the term of the Director being replaced; or

(b) the next Annual General Meeting.

10.9. A vacancy in relation to Directors occurs if a Director dies or otherwise ceases to hold office prior to the expiration of their term of office.

10.10. The Company shall keep a Register of Directors containing:

(a) the names and addresses of the persons who are Directors or who have been nominated as reserve Directors;

(b) the date on which each person whose name is entered in the register was appointed as a Director, or nominated as a reserve Director;

(d) the date on which the nomination of any person nominated as a reserve Director ceased to have effect; and

(e) such other information as may be prescribed by the Act.

10.11. The Register of Directors may be kept in any such form as the Directors may approve, but if it is in magnetic, electronic, or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determinotherwise is passed, the magnetic, electronic, or other data storage shall be the original Register of Directors.

10.12. A Director is not required to hold a Share as a qualification to office.

11 LA MANCHA NOMINATION RIGHTS

11.1. La Mancha shall be entitled to designate one (1) La Mancha Nominee to be nominated to serve as a Director at each Shareholder Meeting at which Directors are to be elected. For the avoidance of doubt, although La Mancha may have the right to nominate one La Mancha Nominee, it shall not be required to nominate a La Mancha Nominee.

11.2. Any nomination of a La Mancha Director shall be made by giving notice in writing to the Company (a La Mancha Nomination Notice) at least sixty (60) calendar days prior to the relevant Shareholder Meeting.

11.3. Notwithstanding anything else in the Memorandum and these Articles, the La Mancha Nomination Right shall remain in effect for so long as La Mancha holds the Minimum Holding and shall terminate should La Mancha hold, at any time, less than the Minimum Holding. Notwithstanding the foregoing, if prior to the next Shareholder Meeting, at which Directors are to be elected, which takes place after La Mancha's holds less than the Minimum Holding, La Mancha has increased its ownership interest to the Minimum Holding, the number of La Mancha Nominees on the Board shall be reinstated to one (1) in accordance with this Regulation 11.

11.4. If a La Mancha Nominee ceases to hold office as a Director for any reason (including death, disability, or resignation), La Mancha shall have the right, but not the obligation, to nominate an individual to replace them and the Company shall promptly take all steps as may be necessary to procure to appoint, within ten (10) Business Days of such nomination and pursuant to Regulation 10.8, such individual to the Board to replace the La Mancha Nominee who has ceased to hold office. Any such succeeding individual shall thereafter be a La Mancha Nominee.

11.5. Where a La Mancha Nominee who has previously failed to be elected or re-elected (as the case may be) as a Director at a Shareholder Meeting, the Company and La Mancha will consult with each other in good faith concerning any proposal to nominate such La Mancha Nominee in future as a Director.

11.6. La Mancha may require the removal of the La Mancha Nominee as Director and the appointment of another person in such La Mancha Nominee's place pursuant to Regulation

10.8 by giving notice in writing to the Company and the La Mancha Nominee being

removed (a La Mancha Removal Notice).

11.7. In the case of removal of the La Mancha Nominee as Director by La Mancha, La Mancha shall procure written resignation by the outgoing La Mancha Nominee of their appointment to the Board forthwith or, if a date for such person's removal is specified in the notification to the Company, on that date.

11.8. The Company shall use its commercially reasonable efforts to obtain directors and officers liability insurance on terms customary for a company whose shares are listed on the Main Market and traded on the London Stock Exchange (which shall, for the avoidance of doubcover the La Mancha Nominee on terms substantially similar to those applicable to the Company's other non-executive Directors), and for so long as a La Mancha Nominee is a member of the Board, maintain in place such insurance.

11.9. Where a La Mancha Nominee is required to retire and seek re-election pursuant to these Articles or any corporate governance regime to which the Company adheres and provided that the relevant La Mancha Nominee is eligible to seek re-election under the Articles or any corporate governance regime to which the Company adheres, the Company shall include the La Mancha Nominee in its slate of nominees proposed for re-election to the Board, unless La Mancha gives written notice to the Company prior to the publication of a Shareholder circular for its Annual General Meeting that it does not wish to nominate such La Mancha Nominee for re-election.

11.10. The Company shall use reasonable endeavours to ensure that the La Mancha Nominee is able to participate in any meeting of the Board (in person or by telephone or video conference) where such meeting is required to be called or is otherwise called on short notice.

11.11. For so long as La Mancha has the La Mancha Nomination Right, La Mancha shall be entitled, but shall not be obligated, to have a La Mancha Nominee on the Board Sustainability and Technical Committee.

11.12. The Company shall notify La Mancha in writing immediately upon determining the date of any Shareholder Meeting at which Directors are to be elected. The Company shall include the La Mancha Nominee in its slate of nominees, proposed for appointment to the Board, to the Shareholders for approval as Director at each relevant Shareholder Meeting. The Company shall solicit proxies from its Shareholders (provided that the Company shall be under no obligation to retain or engage any proxy solicitation firm or service for this purpose).

11.13. The La Mancha Nominee shall be an individual who consents in writing to act as a Director and is not disqualified from acting as a Director under applicable law or under the rules of any stock exchange on which ordinary shares are listed. The La Mancha Nominee will be compensated as a member of the Board on a basis no less favourable than the basis upon which the Company compensates the other members of the Board, other than the executive members.

11.14. For so long as La Mancha has the La Mancha Nomination Right, in the event that three (3) or more Board members are replaced by new Directors during any given twenty-four (24) month period otherwise than in the context of a Going Private Transaction, La Mancha shall have, in respect of one of the new Directors (the New Director), the right to be consulted on, and to approve, the nomination of such New Director. At least thirty (30) days before the nomination of the New Director or the distribution of the Company's management information circular for the Shareholder Meeting at which the New Director is to be elected, the Company shall provide La Mancha information regarding the backgrounds and profiles of the New Director candidates, including information relating to expertise, experience, and diversity. Within ten (10) days of receipt of such information, La Mancha shall provide its approval of at least one New Director candidate or propose an alternate candidate(s) which shall be reasonably considered by the Board, who shall be under no obligation to accept such alternate candidate for nomination. The Board shall notnominate the New Director for election until the parties have agreed on a candidate in accordance with this Regulation 11.14.

12 STELLANTIS NOMINATION RIGHTS

12.1. Stellantis shall have the right, but not the obligation, to nominate one designee for election to the Board, at each Shareholder Meeting at which Directors are to be elected. Any such nomination of a Stellantis Nominee shall be made by giving notice in writing to the Company (a Stellantis Nomination Notice) at least sixty (60) calendar days prior to the relevant Shareholder Meeting.

12.2. The Company shall notify Stellantis in writing immediately upon determining the date of any Shareholder Meeting at which Directors are to be elected. The Company shall include the Stellantis Nominee in its slate of nominees, proposed for appointment to the Board, to the Shareholders for approval as a Director at each relevant Shareholder Meeting and solicit proxies from its Shareholders (provided that the Company shall be under no obligation to retain or engage any proxy solicitation firm or service for this purpose).

12.3. The Stellantis Nominee shall be an individual who consents in writing to act as a Director and is not disqualified from acting as a Director under applicable law or under the rules of any stock exchange on which ordinary shares are listed.

12.4. Where a Stellantis Nominee is required to retire and seek re-election pursuant to these Articles or any corporate governance regime to which the Company adheres and provided that the relevant Stellantis Nominee is eligible to seek re-election under these Articles or any corporate governance regime to which the Company adheres, the Company shall include the Stellantis Nominee in its slate of nominees proposed for re-election to the Board, unless Stellantis gives written notice to the Company prior to the publication of a Shareholder circular for its Annual General Meeting that it does not wish to nominate such Stellantis Nominee for re-election.

12.5. If, prior to the Annual General Meeting, any Stellantis designee vacates their seat on the Board, Stellantis shall have the right, but not the obligation, to nominate one designee to fill such vacancy. The Company shall promptly take all steps as may be necessary to procure to appoint, within ten (10) Business Days of such nomination, such individual to the Board to replace the Stellantis Nominee who has ceased to hold office pursuant to Regulation 10.8. Any such succeeding individual shall thereafter be a Stellantis Nominee.

12.6. Notwithstanding anything else in the Memorandum and these Articles, the Stellantis Nomination Right shall terminate should Stellantis hold, at any time less than the Minimum Holding. Notwithstanding the foregoing, if prior to the next Shareholder Meeting, at which Directors are to be elected, which takes place after Stellantis holds less than the Minimum Holding, Stellantis has increased its ownership interest to hold the Minimum Holding, the number of Stellantis Nominees on the Board shall be reinstated to one (1) in accordance with this Regulation 12.

12.7. If a Stellantis Nominee ceases to hold office as a Director for any reason (including death, disability, or resignation), Stellantis shall have the right, but not the obligation, to nominate an individual to replace them and the Company shall promptly take all steps as may be necessary to procure to appoint, within ten (10) Business Days of such nomination and pursuant to Regulation 10.8, such individual to the Board to replace the Stellantis Nomineewho has ceased to hold office. Any such succeeding individual shall thereafter be a Stellantis Nominee.

12.8. Where a Stellantis Nominee has previously failed to be elected or re-elected (as the case may be) as a Director at a Shareholder Meeting, the Company and Stellantis will consult with each other in good faith concerning any proposal to nominate such Stellantis Nominee in future as a Director.

12.9. Stellantis may require the removal of a Stellantis Nominee as Director and appoint another person in such Stellantis Nominee's place by giving notice in writing to the Company (a Stellantis Removal Notice). In the case of removal of the Stellantis Nominee as Director by Stellantis, Stellantis shall procure written resignation by the outgoing Stellantis Nominee of their appointment to the Board forthwith or, if a date for such person's removal is specified in the notification to the Company, on that date.

12.10. The Company shall use reasonable endeavours to ensure that the Stellantis Nominee is able to participate in any meeting of the Board (in person or by telephone or video conference) where such meeting is required to be called or is otherwise called on short notice.

12.11. For so long as Stellantis has the Stellantis Nomination Right, Stellantis, shall be entitled, but not obligated, to require the Stellantis Nominee be a member on any committees of the Board from time to time.

12.12. The Company shall use its commercially reasonable efforts to obtain directors and officers liability insurance on terms customary for a company whose shares are listed on the Main Market and traded on the London Stock Exchange (which shall, for the avoidance of doubt, cover the Stellantis Nominee on terms substantially similar to those applicable to the other Directors), and for so long as a Stellantis Nominee is a member of the Board, maintain in place such insurance, and the Company agrees to provide the Stellantis Nominee equivalent indemnification as is provided to the other Directors.

12.13. Stellantis will receive remuneration at market rates if:

(a) such Stellantis Nominee is independent within the meaning of the UK Corporate Governance Code; and

(b) such remuneration is requested by, and permitted under applicable policies of, Stellantis.

13 REMUNERATION OF DIRECTORS AND ADOPTION OF INCENTIVE SCHEMES

13.1. The remuneration of Directors shall be set by Resolution of Directors.

13.2. All the Directors are entitled to be reimbursed by the Company for travel, hotel and other expenses incurred by them in the course of their Directors' duties relating to the Company.

13.3. Any Incentive Scheme adopted by the Company after the Effective Date must be approved by a Resolution of Shareholders.

14 POWERS OF DIRECTORS

14.1. The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Directors. The Directors have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The Directors may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders.

14.2. Each Director shall exercise their powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles, or the Act. Each Director, in exercising their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

14.3. If the Company is the wholly owned subsidiary of a parent, a Director may, when exercising powers or performing duties as a Director, act in a manner which they believe is in the best interests of the parent even though it may not be in the best interests of the Company.

14.4. Any Director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the Directors, with respect to the signing of consents or otherwise.

14.5. The continuing Directors may act notwithstanding any vacancy in their body.

14.6. The Directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities, or obligations and to secure indebtedness, liabilities, or obligations whether of the Company or of any third party.

14.7. All cheques, promissory notes, drafts, bills of exchange, and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed, or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors.

15 PROCEEDINGS OF DIRECTORS

15.1. Any one Director may call a meeting of the Directors by sending a written notice to each other Director.

15.2. The Directors or any committee thereof may meet at such times and in such manner and places within or outside the British Virgin Islands as the Directors may determine to be necessary or desirable.

15.3. A Director is deemed to be present at a meeting of Directors if they participate by telephone or other electronic means and all Directors participating in the meeting are able to hear each other.

15.4. A Director shall be given not less than 3 days' notice of meetings of Directors, but a meeting of Directors held without 3 days' notice having been given to all Directors shall be valid if all the Directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a Director at a meeting shall constitute waiver by that Director. The inadvertent failure to give notice of a meeting to a Director, or the fact that a Director has not received the notice, does not invalidate the meeting.

15.5. A Director (the Appointing Director) may appoint any other Director or any other eligible person as their alternate to exercise the Appointing Director's powers and carry out the Appointing Director's responsibilities in relation to the taking of decisions by the Directors in the absence of the Appointing Director.

15.6. The appointment and termination of an alternate Director must be in writing, and written notice of the appointment and termination must be given by the Appointing Director to the Company as soon as reasonably practicable.

15.7. An alternate Director has the same rights as the Appointing Director in relation to any Directors' meeting and any written resolution circulated for written consent. An alternate Director has no power to appoint a further alternate, whether of the Appointing Director or of the alternate Director, and the alternate does not act as an agent of or for the Appointing Director.

15.8. The Appointing Director may, at any time, voluntarily terminate the alternate Director's appointment. The voluntary termination of the appointment of an alternate shall take effect from the time when written notice of the termination is given to the Company. The rights of an alternate shall automatically terminate if the Appointing Director dies or otherwise ceases to hold office.

15.9. A meeting of Directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half of the total number of Directors.

15.10. If the Company has only one Director the provisions herein contained for meetings of Directors do not apply and such sole Director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole Director shall record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes.

15.11. The Directors may appoint a Director as chair of the Board. At meetings of Directors at which the chair of the Board is present, they shall preside as chair of the meeting. If there is no chair of the Board or if the chair of the Board is not present, the Directors present shall choose one of their number to be chair of the meeting.

15.12. An action that may be taken by the Directors or a committee of Directors at a meeting may also be taken by a Resolution of Directors or a resolution of a committee of Directors, without the need for any notice. The consent may be in the form of counterparts each counterpart being signed by one or more Directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last Director has consented to the resolution by signed counterparts.

16 COMMITTEES

16.1. The Directors may, by Resolution of Directors, designate one or more committees, each consisting of one or more Directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee

16.2. The Directors have no power to delegate to a committee of Directors any of the Proscribed Powers.

16.3. A committee of Directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the sub-committee.

16.4. The meetings and proceedings of each committee of Directors consisting of two (2) or more Directors shall be governed by the provisions of these Articles regulating the proceedings of Directors with any necessary changes so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee.

16.5. Where the Directors delegate their powers to a committee of Directors they remain responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on Directors under the Act.

17 OFFICERS AND AGENTS

17.1. The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient. The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors.

17.2. The emoluments of all officers shall be fixed by Resolution of Directors.

17.3. The officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors.

17.4. The Directors may, by Resolution of Directors, appoint any person, including a person who is a Director, to be an agent of the Company.

17.5. An agent of the Company shall have such powers and authority of the Directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with respect to the following:

(a) the Proscribed Powers;

(b) to change the registered office or agent;

(d) to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

17.6. The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

17.7. The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on them.

18 FINANCIAL YEAR

18.1. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in each year.

19 MERGERS AND CONSOLIDATIONS

19.1. The Company shall have the power to merge or consolidate with one or more other constituent companies upon such terms as the Directors may determine by a Resolution of the Directors subject as may be permitted by the Act.

20 CONFLICT OF INTERESTS

20.1. A Director shall, forthwith after becoming aware of the fact that they are interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other Directors.

20.2. For the purposes of Regulation 20.1, a disclosure to all other Directors to the effect that a Director is a member, Director, or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

20.3. Subject to any rules or regulations of the London Stock Exchange or any laws or regulations governing companies listed on the London Stock Exchange, a Director who is interested in a transaction entered into or to be entered into by the Company may:

(a) vote on a matter relating to the transaction;

(b) attend a meeting of Directors, or meeting of a committee of Directors, at which a matter relating to the transaction arises and be included among the Directors present at the relevant meeting for the purposes of a quorum; and

(c) sign a document on behalf of the Company, or do any other thing in their capacity as a Director, that relates to the transaction,

and, subject to compliance with the Act shall not, by reason of their office be accountable to the Company for any benefit which they derive from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

21 INDEMNIFICATION

21.1. Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines, and amounts paid in settlement and reasonably incurred in connection with legal, administrative, or investigative proceedings any person who:

(a) is or was a party or is threatened to be made a party to any threatened, pending, or completed proceedings, whether civil, criminal, administrative, or investigative, by reason of the fact that the person is or was a Director; or

(b) is or was, at the request of the Company, serving as a Director of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust, or other enterprise.

21.2. The indemnity in Regulation 21.1 only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.

21.3. For the purposes of Regulation 21.2 and without limitation, a Director acts in the best interests of the Company if they act in the best interests of the Company's parent in the circumstances specified in Regulation 14.3.

21.4. The decision of the Directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that their conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

21.5. The termination of any proceedings by any judgment, order, settlement, conviction, or the entering of a nolle prosequidoes not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that their conduct was unlawful.

21.6. Expenses, including legal fees, incurred by a Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the Director to repay the amount if it shall ultimately be determined that the Director is not entitled to be indemnified by the Company in accordance with Regulation 21.1.

21.7. Expenses, including legal fees, incurred by a former Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former Director to repay the amount if it shall ultimately be determined that the former Director is not entitled to be indemnified by the Company in accordance with Regulation

21.1 and upon such terms and conditions, if any, as the Company deems appropriate.

21.8. The indemnification and advancement of expenses provided by, or granted pursuant to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested Directors or otherwise, both as to acting in the person's official capacity and as to acting in another capacity while serving as a Director.

21.9. If a person referred to in Regulation 21.1 has been successful in defence of any proceedings referred to in Regulation 21.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

21.10. The Company may purchase and maintain insurance in relation to any person who is or was a Director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a Director, officer or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.

22 CORPORATE RECORDS

22.1. The Company shall keep the following documents at the office of its registered agent:

(a) the Memorandum and the Articles;

(b) the Register of Members, or a copy of the Register of Members;

(d) copies of all notices and other documents filed by the Company with the Registrar in the previous 10 years.

22.2. Until the Directors determine otherwise by Resolution of Directors the Company shall keep the original Register of Members and original Register of Directors at the office of its registered agent.

22.3. If the Company maintains only a copy of the Register of Members or a copy of the Register of Directors at the office of its registered agent, it shall:

(a) within 15 days of any change in either register, notify the registered agent in writing of the change; and

(b) provide the registered agent with a written record of the physical address of the place or places at which the original Register of Members or the original Register of Directors is kept.

22.4. The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the Directors may determine:

(a) minutes of meetings and Resolutions of Directors and committees of Directors; and

(b) minutes of meetings and Resolutions of Shareholders and classes of Shareholders.

22.5. Where any original records referred to in this Regulation are maintained other than at the office of the registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location.

22.6. The records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act 2001 as from time to time amended or re-enacted.

23 SEAL

23.1. The Company shall have a Seal an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one Director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature of any Director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

24 DISTRIBUTIONS BY WAY OF DIVIDEND

24.1. The Directors may, by Resolution of Directors, authorise a distribution by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

24.2. Dividends may be paid in money, shares, or other property.

24.3. The Company may, by Resolution of Directors, from time to time pay to the Members such interim dividends as appear to the Directors to be justified by the profits of the Company, provided always that they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as and when they fall due.

24.4. Notice of any dividend that may have been declared shall be given to each Shareholder as specified in Regulation 25 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company.

24.5. No dividend shall bear interest as against the Company and no dividend shall be paid on treasury shares.

25 ACCOUNTS AND AUDIT

25.1. The Company shall keep records and underlying documentation that are sufficient to show and explain the Company's transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

25.2. The records and underlying documentation of the Company shall be kept at the office of its registered agent or at such other place or places, within or outside the British Virgin Islands, as the Directors may determine and if the records and underlying documentation are kept in a location other than the office of the registered agent, the Company shall provide the registered agent with a written record of:

(a) the physical address of the place at which the records and underlying documentation are kept; and

(b) the name of the person who maintains and controls the Company's records and underlying documentation.

25.3. If the location at which the records and underlying documentation are kept or the name of the person who maintains and controls the records and underlying documentation changes, the Company shall, within 14 days of the change provide its registered agent with:

(a) the physical address of the new location at which the records and underlying documentation are kept; and

(b) the name of the new person who maintains and controls the Company's records and underlying documentation.

25.4. The Company may by Resolution of Shareholders call for the Directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period.

25.5. The Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

25.6. The first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by Resolution of Shareholders or by Resolution of Directors.

25.7. The auditors may be Shareholders, but no Director or other officer shall be eligible to be an auditor of the Company during their continuance in office.

25.8. The remuneration of the auditors of the Company may be fixed by Resolution of Directors.

25.9. The auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

(a) in their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the end of that period; and

(b) all the information and explanations required by the auditors have been obtained.

25.10. The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

25.11. Every auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be entitled to require from the Directors and officers of the Company such information and explanations as they think necessary for the performance of the duties of the auditors.

25.12. The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders at which the Company's profit and loss account and balance sheet are to be presented.

25.13. The Directors shall establish and maintain an audit committee (the Audit Committee) as a committee of the Directors and shall adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the FCA and the London Stock Exchange. Once formed, the Audit Committee shall meet at least once every financial quarter, or more frequently as the circumstances dictate.

26 NOTICES

26.1. Any notice, information, or written statement to be given by the Company to Shareholders shall be in writing and may be given by personal service, mail, courier, or email to such Shareholder's address as shown in the Register of Members or to such Shareholder's email address as notified by the Shareholder to the Company in writing from time to time.

26.2. Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail addressed to the Company at the offices of the registered agent of the Company.

26.3. Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, prepaying and posting aletter containing notice, and shall be deemed to be received on the fifth Business Day following the day on which the notice was posted. Where a notice is sent by email, notice shall be deemed to be effected by transmitting the email to the address or number provided by the intended recipient and service of the notice shall be deemed to have been received on the same day that it was transmitted.

27 VOLUNTARY LIQUIDATION

27.1. Subject to the Act, the Company may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or jointly with one or more other voluntary liquidators.

28. CONTINUATION

28.1. Subject to the Act, the Company may by Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

Signed for HARNEYS CORPORATE SERVICES LIMITED of Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on 22nd of June 2021:

Incorporator

Sgd: Indira Ward-Lewis

…………………………..

Indira Ward-Lewis Authorised Signatory

HARNEYS CORPORATE SERVICES LIMITED

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