Minas de Aguas Teñidas, S.A.U., (MATSA) is a modern, sustainable Spanish mining company which owns the exploitationrights for the Aguas Teñidas mine, the Magdalena mine in Almonaster la Real and the Sotiel mine in the municipality ofCalañas, Huelva.

MATSA is a subsidiary of TM Mining Ventures SL, a company jointly and equally owned by Mubadala Investment Company, aninvestment and development company based in Abu Dhabi, and Trafigura, a leading company in the global raw materialsmarket.

The activity undertaken by MATSA involves researching and exploiting mineral deposits and treating them in a processingplant, with a processing capacity of between 4.3 and 4.6 Mt of mineral per year, operating 24 hours a day, 365 days a year.

The final product resulting from our activity is three types of concentrates: copper, zinc and lead.

100% of production is sent for export via the ports of Huelva and Algeciras, making MATSA one of the major exportingcompanies in Andalusia and helping to internationalise the region's economy.

MATSA's environmental management is based on making its operations sustainable,compatible and integrated with the natural surroundings.

MATSA controls and monitors the environmental aspects of the activity, thusguaranteeing compliance with applicable regulations and minimising instances ofunexpected situations which might harm the environment.

MATSA's restoration plan is a living document, constantly updated as new installationsare built.

Some of the measures included in the restoration plan are currently being implemented,mainly the landscaping of former tips and mining waste deposits.

The paste generation plant is considered the most important innovation in Spanishmining from an environmental perspective.

The company's success in safety is due to the effort and managementof all those who participate in the process, as well as that of theirpartners.

It is the responsibility of MATSA to ensure a safe and optimalworkplace that allows everyone to return home safe and sound at theend of the working day, meeting our goal of “Zero Harm”.

Thus, at MATSA we continue to pursue the established safetystrategies in order to keep reducing and improving accident rates.

Diverse safety campaigns are therefore designed and implementedto identify and reduce risk situations, for example “10 Life-SavingRules”; the Get Drunk on Life Project against alcohol and drugs; theSTOP campaign; and the CUIDA-TREM campaign: look after yourankles, knees, back and hands. Risk communication and improvementsuggestion procedures are put in place, with prevention and safety asthe main objective.

MATSA currently generates over 4,000 jobs, with 2,000 people directlyemployed and around 2,000 indirect employees. MATSA has over 680employees, 92% of whom are permanent, 23% are women and theaverage age is 40.

Aware that employment is a key expectation of local communities, MATSAhas been committed from the outset to the local community andimplements a recruitment policy based on concentric circles, prioritisingstaff and suppliers based in neighbouring communities. In fact, 83% of thecompany's workforce belongs to the towns in Huelva closest to theproject, and a considerable proportion of the remaining workforce havealso moved to live in the area.

MATSA has a modern ore processing plant with three linesand the technical capacity to process between 4.3 and 4.6million tonnes of copper and polymetallic ores.

MATSA has succeeded in understanding the nature of theore in the Pyrite Belt and has implemented the technologyto sustainably optimise its recovery.

The ore passes through the following stages:

- Collection of ore

- Crushing

- Grinding

- Flotation

- Thickening

- Filtering

- Storage

- Transport to ports for shipping

MATSA is a pioneer in ore processing. It has the technological capacity to grind the ore extremely fine making for higherpurity concentrates, which are the end product exported and sold.

MATSA is committed to modern, innovative andtechnologically advanced mining. The development ofnew technology and the implementation of automatedsystems consolidate its position of reference within themining sector.

MOS Project (Mine Operating System), an innovative ITsystem that enables automated data sharing in real timeamong all areas of the company.

Filling with paste,the chambers of the mine reducing theneed for surface filling, enables around 95% recovery ofthe deposit and is a decisive factor for safety.

Implementing and setting up a remote television systemfor drilling equipment, equipped to be operated remotely from the surface. It is an invaluable tool for the safety of theoperation.

The optimises the management and use of the available hydraulic resources,Integrated Water Management Systemreducing the consumption of fresh water and improving process water quality to attain better metal yields.

The , through which the company's employees have made suggestions to improve the production processAvanza projectand which has allowed over 100 improvement proposals to be identified with an impact of more than 20 million euros.

INNOVATIONS

EMPLOYMENT

HEALTH AND SAFETY

ENVIRONMENT MANAGEMENT

SAFETY ANDPREVENTION

MATSA's commitment to safety and prevention is reflected in the frequencyand incidence rates which are clearly below those of the industrial sector.

SUSTAINABLEOPERATION

MATSA's environmental management is based on making its operations sustainable,compatible and integrated with the natural surroundings.

COMMITMENT

MATSA is committed to Andalusia and to strengthening itsbusiness model to consolidate itself over time.

TECHNOLOGICALINNOVATION

The use of technology and innovation in its development make MATSA

a pioneering company in geological research, mining methods and ore processing.

PROCESSING PLANT

GENERAL INFORMATIONMINAS D AGUAS TEÑIDASE

The company's social responsibility is characterised by itsfocus on sustainable and socio-economic development ofthe district.

Their main objective is to foster a stable businessenvironment which includes the development of industriesand local providers generating opportunities that continuebeyond the estimated operational life of the mining project.

MATSA's Social Responsibility programme includessponsoring and working with the community, awardingscholarships to students with the highest marks in secondaryschools, promoting sport and culture and giving a series oftalks about mining.

The paste tank is yet another example of the MATSA's major innovations in Spain. 60% of the waste generated by theprocessing of the ore in the treatment plant is deposited as paste once it has been dried and treated, thus preventing anyoutward spillage.

The tank also has a sealing system, bottom drainage and a leakage collection system in order to prevent environmentaldamages.

The results from prospections made so far confirm therichness and quality of the subsoil in the region and theexistence of sufficient mineral resources to extend theproject being carried out by MATSA.

The use of advanced technology and strong investment inresearch and development make MATSA the leadingcompany in geological research in Andalusia.

Successful exploration and the plan to expand productionhave been vitally important for optimising operational costsand providing continuity and solid backing for the project.

MATSA innovates and is committed to lesscontaminating technologies.

MATSA uses an underground exploitationmethod based on the working of primary andsecondary chambers, which are later filled witha paste produced from the waste left over fromtreating the ore in the plant.

Filling the chambers with paste allows almost allthe deposits to be used and minimises theenvironmental impact of waste left on the land.

www.matsamining.com

Minas de Aguas Teñidas, SAU

Ctra. HU-7104 Km. 12 | 21350 Almonaster la Real - HUELVA | T +34 959 054 012 - F +34 959 049 462

THE FUTUREUNDER OUR FEET

SOCIAL RESPONSIBILITY

GEOLOGY AND EXPLORATION

MINING METHOD

PASTE TANK

Today, MATSA creates over 4,000 jobs, prioritising the recruitmentof its workforce and contracting local suppliers. 83% of thecompany's workforce comes from the towns in Huelva closest to theproject, and a considerable proportion of the remaining employeeshave also moved to live in the area, with 92% permanentemployment.

The best example of our commitment to local development is andshall always be commitment to training and local employment.

Furthermore, our promotes andpolicy based on concentric circlesdrives the contracting of local suppliers and companies.

Below, we highlight some of the programmes developed by MATSAthat benefit the community and the environment:

12 months, 12 visits Programme.- In its policy of rapprochement and transparency with neighbouring communities, MATSAhas implemented an open doors initiative with the aim of making the mining sector and the fundamental aspects of thecompany's activity known to all those who want to visit us. This activity involves an interesting tour of all the company'sinstallations in Almonaster la Real, visiting the office building, treatment plant, paste tank and all the outdoor installations,along with a presentation on the production process of this mining operation. Through this project, the company aims topromote modern mining in the 21st century and how mining iscompatible with society.

Scholarship programme.- The company funds studentscholarships to promote the university education of young peoplefrom the surrounding area.

Talks programme.- MATSA also conducts a talks programme insecondary schools to make the mining sector and its workpossibilities known among the student population.

Our Mission:

Generate value and well-being from natural resources.

Our Vision:

Become the mining company known for its leadership, operationalexcellence and the development of its employees.

Our Values:

• Life is paramount.

• Integrity and respect in all our actions.

• Team work, sharing our achievements and those of others.

• Constant innovation to generate value and benefit for all.

MATSA's social responsibility is focused on making MATSA acompany committed to the environment, designing andimplementing programmes that generate value and well-being insociety but above all, to the communities close to our projects.

Health and safety, the environment, training, sport and culture arejust some of the areas MATSA is committed to in the programmesthat it implements.

MATSA undertakes its activity in a way that respects the environment, is economically viable, and socially fair.

Strength in operations and a future geared towards excellence

CORPORATE SOCIAL RESPONSIBILITY

MATSA concerns itself with and strives to carry out its activity ethicallyand responsibly. We are proud to have been recognised for ourcommitment to different activity areas.

Gurumelo Award 2010 in the Sciences and Technology category of the2010 edition.This award recognises the promotion and implementation of New MiningProjects and Employment Site in the District of Andévalo.Awarded by the Town Council of Calañas.

Best Company of the Year 2011In the category of Environment, Energy Saving and Use of NewTechnologies.This award recognises those leading companies and business initiativesfor their contribution towards the social and economic development ofthe province of Huelva in different activities and fields of corporateactivity.Awarded by the Huelva Federation of Entrepreneurs (FOE) and Cajasol-Banca Cívica.

MC MUTUAL “Antonio Baró” Prize 2013 Huelva Award of the Year 2014For occupational risk prevention. In the Economy and Business category.Awarded by MC Mutual. Awarded by the readers of Huelva Información (Joly Group).

“UVA Minera” Prize 2015It recognises the company for its work in reactivating mining since 2007.Awarded by Cadena SER Radio.

Commitment to Andalusia Award 2015This prize recognises Andalusian companies which are intensely andincreasingly investing in the region or which show sustained interest inAndalusia.Awarded by the Andalucía Económica magazine.

Aguas de Huelva Award 2015 for Corporate Social ResponsibilityIt recognises the company's work and social commitment.Awarded by the Huelva Federation of Entrepreneurs (FOE) and CajasolFoundation at the XI edition of the Huelva Year Business Prizes.

Computer recycling and donations.-

Work placement agreements.-The company has signed collaboration agreements with colleges anduniversities for students to do internships at our installations.

Training programmes.- Considering training a key element, andturning our attention to the lack of mining skill in the projectenvironment, MATSA has run privately funded training programmesfor unemployed people in the area with a commitment to hire.

Sponsorship and Collaborations' Programme.- The companycollaborates annually in social, sporting and cultural activities which arecarried out in the communities near the project. In general, this

programme aims to promote and support projects run by local organisations and companies which are mostly targeted atcollaborating in order to improve sustainable development in the area.

Transparency is key to communicating and generating confidence around MATSA's activity. Therefore, every two months,MATSA's Communication Department publishes its newsletter, which includes the latest from the company, withLa Tolva,

news stories and events of interest.

PRIZES AND AWARDS

At MATSA, all of our employees arecommitted to operating and carrying outtheir activity in a committed and respectfulway towards the environment.

The main operation commitment is harmonywith the environment, through theimplementation of checks and measureswhich min imise the impact on theenvironment and conserve the area so that itcan be enjoyed by future generations oncethe mining activity has closed down.Therefore, sustainable development is thecentral concept of MATSA's business modeland this is reflected in all its activities.

MATSA's management is based on makingits activity a sustainable operation,compatible and integrated with the naturalenvironment. Therefore, MATSA carries outthe checking and monitoring of the environmental aspects of its activity, guaranteeing its compliance with theapplicable regulation and minimising the generation of unexpected situations that could cause potentialdamage to the environment.

The correct management of the water quality of the area, the checking of air quality and the monitoring of wastegenerated are only part of the exhaustive checks carried out.

The following should also be highlighted:

- Incorporation of environmental criteria in the design of infrastructures.

e- Measuring and checking environmental aspects through monitoring programmes, operativ

revisions and follow-up audits.

- Investigation into the improvement of more eco-efficient processes.

In addition, MATSA carries out an environmental inspection plan in its installations with the aim of detectingopportunities for continuous improvement.

MATSA has all the environmental licenses that sustain its activity.

ENVIRONMENTAL MANAGEMENT

The efficient management of the quantity andquality of the water resources in the area arefocussed on minimising the consumption ofwater as a natural resource by means of thereuse of process water and raising awarenessamong all the staff that work in the installations.

The company has been working since 2015 onmore sustainable management of water, havingachieved an 80% reduction in the consumptionof water from natural sources. This water savingimplies a reduction in its direct water footprint.

INNOVATION IN ENVIRONMENTAL MANAGEMENT

Since 2016, MATSA has been part of the first water footprint platform in Spain.A unique and innovative project in Spain - EsAgua.

ENVIRONMENT

MATSA has a restoration plan for all of its installations,approved by the competent authorities, whichaddresses the restoration needs of the spaces affectedby mining activities. This restoration plan is a livingdocument, constantly updated to fit the activity beingcarried out.

MATSA also has guarantees deposited at theAndalusian Administration for the restoration of itsinstallations which are updated in line with the growth ofits activity.

RESTORATION PLAN AND FINANCIAL GUARANTEES

MATSA also advocates the preservation of cultural heritage.For this reason, through the archaeological project “A windowto the Past”, the company has carried out recuperation andrenovation operations in the area where the old site of AguasTeñidas is located.

Raising the value of the archaeological remains found, anindustrial establishment from the 1 century A.D., hasst

consisted of eliminating the contamination that was found inthe area and making it suitable for visiting.

AWARDS AND PRIZES

In 2011, MATSA was awarded Business Ownerof the Year by the Huelva Business Federation(FOE) in the categories of Environment, EnergySaving and Employment of New Technologies.

ENVIRONMENTAL TRAINING AND AWARENESS-RAISING

The company offers continuous training every yearon the environment and makes information about“good environmental practises” available toworkers.

The company i s aware that appropr ia teenvironmental management is possible with theawareness and participation of all of the staff thatwork at its installations, continuous recyclingbecoming important in this matter.

CULTURAL HERITAGE PRESERVATION