Investment in Boletus

The Company owns a 20% shareholding in Boletus, a special purpose company established for developing the Bengkulu Coal Project on the Indonesian island of Sumatra. Since the time of the original investment in Boletus, Boletus have reviewed their options with the lease owner of the Bengkulu Coal Project to ascertain if a commercially viable coal operation is indeed possible. At this stage it is not deemed viable and as such the investment in Boletus has been fully impaired. The Board continues to believe this investment holds no realisable value going forward.