The Company is assessing commercial alternatives for mine development, financing and concentrate offtake. Studies to assess the economic feasibility of establishing a dedicated Waterberg matte furnace to process Waterberg concentrate as an alternative to a traditional concentrate offtake arrangement are underway. Implats currently holds a right of first refusal to match concentrate offtake terms offered to Waterberg JV Co. by a bona fide third party (the ' Offtake ROFR '). Processing of Waterberg concentrate through a matte furnace owned by Waterberg JV Co. or by one or more of the Waterberg JV partners would not be subject to the Offtake ROFR as such an entity would not be a 'bona fide third party.' Any transaction between Waterberg JV Co. and any one or more shareholders must be entered into on a bona fide arms-length basis and for fair value.