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RCR/Sivas

In the year ended 30 June 2013, Petmin invested C$325,000 (2012: C$5 million) to acquire 6.5 million shares in RCR together with 6.5 million share warrants that provide the holder with the right to acquire RCR shares for 7 Canadian cents per share for three years.

The ruling share price of RCR at 30 June 2013 was 10 cents per share. The investment maintains Petmin’s shareholding in RCR at approximately 10%, following a private placement by RCR to recapitalise the business and to settle debt.

Following the restructuring of its board and senior management, RCR commissioned a dense media separation plant at its Hakkari Zinc Project in November 2012, and has produced and sold 6,140 tonnes of direct shippable ore in the period to 30 June 2013.

Petmin has no current plans to invest in RCR or contribute further capital.