Effective Date: 1 June 2023. Last updated: 22nd July 2025.

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Natural Resources Investor Pty Ltd (ACN 668 196 174) (“Natural Resources Investor”, “we”, “us” or “our”) provides this website and related content for informational purposes. By accessing our website, subscribing to our newsletter, or using any content we provide (collectively, the “Site”), you (“you” or “your”) agree to be bound by these Terms of Use. If you do not agree with any part of these Terms of Use, you must not use the Site. We reserve the right to update or modify these Terms of Use as described below.

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1. Updates to These Terms

We may change these Terms of Use from time to time. If we make updates, we will post the revised Terms of Use on this page with a new effective date. If we have your email on file (for example, if you subscribed to our newsletter or registered on the Site), we will endeavor to notify you of material changes via email. We encourage you to review this page periodically. Continuing to use the Site after any changes are posted will constitute your acceptance of the updated Terms of Use.

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2. Eligible Users (Wholesale Clients and Age Restrictions)

Wholesale Investors Only: The content of this Site is intended solely for “Wholesale Clients” as defined in section 761G of the Australian Corporations Act 2001 (Cth). By accessing or using this Site, you represent and warrant that you qualify as a Wholesale Client under Australian law. This generally means (among other criteria) that you meet certain financial thresholds or professional investor criteria as defined in the Act. If you do not meet the definition of a Wholesale Client, you are not authorized to access or use this Site or any content herein. In particular, content on this Site is not intended for retail investors or the general public. If you have accessed this Site or its content in error (for example, if you are a retail client), you should immediately cease using the Site and disregard or delete any content obtained.

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Jurisdiction and Residency: This Site and its content are intended for persons located in Australia. We make no representations that the content is appropriate or available in any location outside Australia. If you are accessing the Site from another jurisdiction, you do so on your own initiative and are responsible for compliance with local laws. Anyone whose country of residence, or applicable laws or regulations, would deem the content on this Site illegal or in conflict with these Terms of Use is not permitted to use the Site.

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Minimum Age: Our Site is not intended for use by minors. You must be at least 18 years old to use this Site. If you are under 18 (or under the age of majority in your jurisdiction), you are not permitted to use this Site or provide any personal information to us. We do not knowingly collect personal data from individuals under 18. If we become aware that a minor has provided us with personal information, we will delete it.

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3. User Registration and Privacy

To access certain content or features (such as detailed research reports or our newsletter), you may be required to register an account or sign up with your personal details. During registration or sign-up, you will be asked to provide information including (but not limited to):

• Your name: (first name and last name)

• Contact information: a valid email address (and optionally your phone number)

• Investor status declaration: confirmation that you are a Wholesale Client (as defined by law) and eligible to access the content

• Consent: agreement to these Terms of Use and acknowledgment of our Privacy Policy.

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You agree that any information you provide is accurate, truthful, and up-to-date. Providing false information (for example, misrepresenting your investor status or age) constitutes a breach of these Terms. We reserve the right to suspend or terminate your access if we suspect you have provided false information or are otherwise ineligible.

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Privacy: We collect and handle personal information in accordance with our Privacy Policy (available on our website). This includes the personal details mentioned above. By providing your information and using our Site, you consent to the collection, use, and disclosure of your personal information as described in our Privacy Policy. In summary, we will use your data to provide you access to content, send newsletters or updates you subscribed to, and ensure compliance (such as confirming your wholesale investor status). We implement measures to safeguard your data, but it is important you also protect your login credentials and notify us immediately of any unauthorized use of your account. If you do not agree with our data practices, please do not use the Site or provide personal information.

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4. No Financial Advice – General Information Only

All content on this Site (including articles, research reports, commentary, opinions, and other materials) is provided for general information purposes only. Nothing on this Site constitutes personal financial advice, nor does it take into account your personal objectives, financial situation, or needs. The information and opinions expressed are of a general nature and are not tailored to any particular person. We do not provide personal investment advice via this Site.

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General Advice Warning: Natural Resources Investor Pty Ltd holds Australian Financial Services Licence (AFSL) No. 552472. Any financial product advice or commentary we provide on this Site is given under that licence as “general advice” only. This means the advice has been prepared without considering your individual objectives, financial situation or needs. Before acting on any information from our Site, you should consider the appropriateness of the information in light of your own circumstances. It is strongly recommended that you seek advice from a qualified financial adviser or other appropriate professional before making any investment decision. By using our content, you acknowledge that you alone are responsible for any investment decisions you make, and you will not treat any content on this Site as personal advice or a recommendation tailored to you.

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5. No Offer, Endorsement or Recommendation to Invest

The material on this Site is not an offer to buy or sell any security, financial product, or service, nor is it a solicitation or recommendation to do so. Nothing on the Site should be construed as an invitation, inducement, or recommendation to engage in any investment activity. We provide information and opinions for informational purposes only. You should not interpret any content as endorsing or recommending any particular investment, strategy, or course of action.

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We do not endorse the use of the information on this Site for any specific purpose beyond general educational and informational uses. Any decisions or actions you take based on the information on this Site are solely at your own risk. If you are considering any investment or strategy discussed on this Site, you are responsible for conducting your own independent research and due diligence (or consulting professional advisers) before making any financial decisions.

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6. Company Disclosures and Due Diligence

When we discuss or mention specific companies or securities on our Site, please be aware that those companies regularly publish official disclosure documents and announcements for investors (for example, ASX announcements, annual and quarterly reports, prospectuses or product disclosure statements, investor presentations, etc.). We urge you to consult those official documents and sources for comprehensive information. Our content may summarize or comment on certain aspects of a company, but you should review the company’s own disclosures and conduct thorough due diligence before considering any investment. Relying solely on our summaries or commentary is not advised, and we do not guarantee that our content covers all important information released by a company. Always refer to official sources and consider seeking professional advice when evaluating an investment.

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7. Accuracy of Information and No Warranties

We strive to ensure that the information and analysis we present on the Site are based on facts and sources believed to be reliable. However, we do not guarantee the accuracy, completeness, timeliness, or reliability of any content on the Site. None of the information has been independently verified by an external authority. The content may contain errors, omissions, or factual inaccuracies, and may also reflect the biases or subjective views of the author. All information is provided “as is” and on a best-efforts basis, without any express or implied warranty.

Specifically, we make no representation or warranty that the content is accurate, complete, up-to-date, or free from errors. We are under no obligation to update or correct any information on the Site, even if we become aware that it is inaccurate or out-of-date. Opinions and views expressed are those held by Natural Resources Investor (or the individual author) at the time of publication and are subject to change without notice. We do not guarantee that we will update our analysis or conclusions in light of new information. You should not rely on the Site as your sole source of information for making decisions. If in doubt about any information, please verify it through official or alternative reliable sources.

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To the fullest extent permitted by law, we exclude all warranties, conditions, or representations that might be implied by statute, common law, or otherwise. This includes (but is not limited to) warranties of merchantability, fitness for a particular purpose, non-infringement, or that the Site will be available uninterrupted or error-free. Use of the Site is at your own risk.

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8. Forward-Looking Statements and Performance Warning

Our content may include forward-looking statements, projections, estimates, opinions or comments about future events, company prospects, or potential financial performance. Any such forward-looking statements are inherently uncertain and are subject to a wide range of risks and factors outside our control. No forward-looking statement (or any opinion on future prospects) is a guarantee or promise of future performance. Actual results may differ materially from what is expressed or implied in our forward-looking statements.

Risk of Uncertainty: Investing in securities (especially speculative or resource exploration companies, which are often covered on our Site) involves significant risk. The future is unknown and unpredictable. Any statements about future events or outcomes (such as projected earnings, resource discoveries, project timelines, market conditions, or stock price targets) should not be relied upon as factual or certain. We do not guarantee that any predictions, forecasts, or forward-looking opinions on this Site will materialize or prove accurate.

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Past Performance: Any discussion of past performance of a company or security is not indicative of future results. Even if a particular investment or company has performed well (or poorly) in the past, that performance may not continue and is not a reliable guide to future outcomes.

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By using our Site, you acknowledge these uncertainties. You agree that we are not responsible for any investment loss or other consequences arising from reliance on forward-looking statements or any other forward-looking content on our Site. Always make investment decisions based on a range of information sources and consider your own risk tolerance. If you do not fully understand the risks, seek advice from a licensed professional.

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9. Conflicts of Interest and Research Independence

Natural Resources Investor is committed to transparency regarding any potential conflicts of interest in our research and publications. However, we do not claim that our research is independent within the meaning of ASIC Regulatory Guide 79. You should assume that we may have commercial relationships or financial interests related to the companies or securities we cover, and view our content in light of this disclosure.

Some key points about our potential conflicts and how we handle them include:

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• Commercial Relationships: We may from time to time enter into commercial arrangements with companies featured in our research (for example, providing investor relations consulting, capital markets advisory, or other services to a company, for a fee). If, at the time of publication of a research report, we have an ongoing paid engagement or commercial relationship with the featured company, we will clearly disclose that relationship within the research note (typically in a disclosure or disclaimer section of the report). Initial coverage of a company is usually unsponsored (we are not paid for it), unless otherwise stated. If we establish a new commercial relationship with a company after we have published research on it, we will update the original research’s download page or hosting location with a notice disclosing the existence of that relationship. By using this Site, you acknowledge that this method of disclosure is acceptable and sufficient for informing you of any such relationships.

• Financial Interests and Personal Holdings: Natural Resources Investor and its directors, officers, employees, or associates may at any time hold, purchase, sell, or otherwise transact in securities (stocks, options, etc.) of companies mentioned on this Site or in our research. We reserve the right to trade in these securities at any time – before, during, or after we publish commentary – and we may or may not align our personal investment actions with the opinions or ratings expressed in our content. (For example, if we publish a positive view on a stock, individuals associated with Natural Resources Investor might still decide to sell that stock for personal reasons, and vice versa.) We are not obligated to disclose our individual holdings or trading activities to you, except to the extent required by law. All views and analysis presented on the Site are prepared in good faith and based on our best judgment at the time, independent of any personal financial interests; however, you should be aware that the existence of personal holdings or trades could potentially create a conflict of interest. Always consider the possibility that we may have a financial interest in the securities discussed.

 

Given the above, do not rely on our research as “independent” investment research. We make no warranty that our analysis is unbiased. We encourage you to use our content as one input among many, and to consider information from other independent sources when making investment decisions.

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10. Third-Party Content and Links

From time to time, our Site or communications may include content provided by third parties or contain links to third-party websites (for example, links to news articles, company websites, regulatory filings, or external research). Any such third-party materials or links are provided for your convenience and information only. Natural Resources Investor does not endorse, verify, or take responsibility for any third-party content that is not produced by us.

If you click on external links or access third-party content, you do so at your own risk. We are not responsible for the accuracy, completeness, or legality of content on external sites, nor do we have any liability for any loss or damage that may arise from your use of or reliance on such third-party materials. Inclusion of a link or third-party content on our Site does not imply our endorsement or approval of the linked content, the third-party provider, or their services/products.

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We also may mention or quote third-party information (such as market data or expert opinions) on our Site. While we strive to attribute such information to its source and believe it to be reliable, we cannot guarantee its accuracy or completeness. You should independently verify any information critical to your decisions, even if it originated from a third party referenced by us.

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11. Intellectual Property and Use of Site Content

Copyright: Unless expressly stated otherwise, all content on the Site – including text, research reports, graphics, logos, videos, podcasts, downloadable PDFs, and any other material – is the intellectual property of Natural Resources Investor Pty Ltd or its content suppliers and is protected by copyright, trademark, and other applicable intellectual property laws. We reserve all rights in this content. Natural Resources Investor and its logos or brand elements are our trademarks; other product or company names mentioned on the Site may be trademarks of their respective owners.

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Permitted Personal Use: As a user who meets the eligibility criteria (i.e., a Wholesale Client), you may access and use the content for your personal, non-commercial informational purposes. For example, you may download a research report for your own reading, or print a copy for your personal reference. This permission is revocable and limited; it does not transfer any ownership or intellectual property rights to you.

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Restrictions on Use: You must not do any of the following without prior written permission from us:

• No Reproduction or Distribution: Do not copy, reproduce, redistribute, republish, or retransmit any content from this Site, in whole or in part, to any other person or medium. In particular, you are expressly prohibited from sharing, distributing, or making our content available (whether free or for a charge) to any person who is not a verified Wholesale Client. Our research and materials are intended for a limited audience, and unauthorized distribution (especially to retail investors or the general public) is a serious breach of these Terms. (Unauthorized dissemination of certain financial publications to retail clients may also violate Australian financial services laws.)

• No Commercial Use: Do not use the content for any commercial purpose, such as including our reports in a commercial newsletter, using our analysis in marketing materials, or reselling our content. You also may not use any data mining, robots, or similar data gathering and extraction tools on our Site content.

• No Derivative Works or Misrepresentation: Do not modify, translate, create derivative works from, or otherwise alter any content obtained from our Site. You must not remove any copyright or disclaimer notices. Do not present our content out of context or in a manner that misrepresents our views. If quoting or referencing our analysis, you should attribute it to us and not distort the intended meaning.

• No Public Display: Do not post or display our reports or content on any public forum, website, social media, or other channel accessible to others, without our permission. This includes not uploading our PDF reports to file-sharing sites or otherwise making them publicly available.
   

If you wish to share or reproduce any part of our content beyond the personal use described above, you must contact us and obtain our explicit written consent beforehand. We reserve the right to grant or deny such permission at our discretion and may impose conditions (for example, attribution requirements or limitations on context) if we grant permission.

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Retention of Rights: Any unauthorised use of the content may violate copyright laws, trademark laws, privacy and publicity laws, and/or communications regulations and statutes. We reserve all rights that are not expressly granted in these Terms. If you breach the above restrictions, your right to use the Site will cease immediately, and you must (at our option) return or destroy any copies of materials you have made. We also reserve the right to take legal action to protect our intellectual property rights if necessary.

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12. Security and Viruses

We strive to maintain the security and functionality of this Site, but we do not guarantee that the Site will be secure or free from bugs, viruses, or other malicious code. Using the Site and downloading content is at your own risk. You are responsible for implementing sufficient safeguards (such as up-to-date antivirus software, firewall protection, and other security precautions) to satisfy your requirements for safety and reliability of data and devices.

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No Liability for Attacks: Natural Resources Investor will not be liable for any loss or damage caused by a distributed denial-of-service (DDoS) attack, viruses, malware, or other technologically harmful material that may infect your computer equipment, software, data, or other proprietary material due to your use of the Site or any linked website. We also do not guarantee the continuous availability of the Site; access may be suspended temporarily or permanently without notice due to security issues, maintenance, or factors beyond our control.

By using our Site, you understand and accept that electronic communication (including the internet) may not be fully secure or confidential. While we take reasonable measures to protect information you send to us, we cannot guarantee its absolute security. You acknowledge that any information or data you send via the Site or email is at risk of interception or unauthorized access. Please notify us immediately if you become aware of any security breach or unauthorized use of the Site (for example, if you suspect someone has gained access to your account).

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13. Indemnification

You agree to fully indemnify and hold harmless Natural Resources Investor Pty Ltd, its directors, officers, employees, contractors, and associates (collectively, “Associates”) from and against any and all liabilities, losses, damages, costs, and expenses (including reasonable legal fees) that arise from or relate to: (a) your use or misuse of the Site or any content obtained from the Site; (b) your breach of any provision of these Terms of Use; or (c) any reliance by you (or any person you distribute our content to) on any information or material from the Site.

This indemnification means that if you violate the Terms or misuse the Site and it causes us harm or draws us into legal trouble, you will be responsible for the resulting costs and damages. We reserve the right, at your expense, to assume the exclusive defense and control of any matter subject to indemnification by you (and you agree to cooperate with our defense of such matter). You agree not to settle any such matter without our prior written consent. This indemnity obligation will survive any termination of your use of the Site or these Terms of Use.

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Scope of Indemnity (Including Our Negligence): To the maximum extent permitted by law, the indemnity above applies even if the issue in question arose from our own negligence, fault, or lack of care. In other words, you agree not to hold us or our Associates liable for any damages or losses you incur related to the Site, even if we were negligent in the creation or dissemination of the content. The only exceptions to this would be if applicable law specifies liability that cannot be excluded or limited as described in Section 14 below.

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14. Limitation of Liability

To the fullest extent permitted by Australian law, Natural Resources Investor Pty Ltd and its Associates will not be liable to you (or to any other person) for any loss or damage arising out of or in connection with your use of, or reliance on, this Site or its content. This exclusion of liability applies to all types of damages or losses, whether direct, indirect, consequential, incidental, special, or punitive. It includes, for example, any financial losses (such as lost profits, trading losses, investment losses), loss of opportunity, business interruption, loss of data, or damage to goodwill or reputation, even if we have been advised of the possibility of such damages.

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By using this Site, you acknowledge that you bear responsibility for your own investment decisions and use of information. You agree that no claim or action of any kind may be brought by you or on your behalf against Natural Resources Investor or its Associates for any decision made or action taken in reliance on the information or content on the Site, or for any consequential, indirect or special damages.

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If, despite the above exclusions, a court of competent jurisdiction finds that Natural Resources Investor or any of its Associates is liable to you for any loss or damage arising from the Site or these Terms, our total aggregate liability (whether in contract, tort including negligence, statute or otherwise) will be limited to the amount of AUD $100. (If you have paid us any fees for any service — though currently the Site does not charge fees for access — our liability would be limited to the amount you paid us for the service that directly gave rise to the liability, or AUD $100, whichever is less.) This limitation reflects the purely informational and free nature of the Site.

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Non-excludable rights: Nothing in these Terms is intended to exclude, restrict or modify rights which you may have under any law (including the Australian Consumer Law) that cannot be lawfully excluded, restricted or modified. If a provision of these Terms is deemed to exclude a non-excludable guarantee or right, or to impose liability for an act prohibited by law, then that provision shall not apply to the extent of such exclusion or prohibition. In such cases, to the extent permitted by law, our liability for breach of any non-excludable guarantee or right is limited (at our option) to re-supplying the service or content in question, or paying the cost of re-supplying it.

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15. Termination of Access

We reserve the right, at our sole discretion, to suspend or terminate your access to the Site (including any account or subscription you may have) at any time and without prior notice. We may exercise this right for any reason, including (but not limited to) if we believe that:

• You have violated or breached these Terms of Use (for example, by misrepresenting your status as a Wholesale Client, sharing restricted content with unauthorized persons, or otherwise misusing the Site).

• You are engaging in behavior that we deem harmful, unlawful, or that may expose us or other users to risk or liability.

• We decide to discontinue the Site or any part of it, or we have an operational or business reason to terminate or suspend your access.

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If we terminate your access, the restrictions imposed on you by these Terms (such as those relating to use of content, intellectual property, disclaimers, indemnity, and limitation of liability) will still apply. Termination of access does not waive or affect any rights or remedies that may have accrued to us up to the date of termination.

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If you believe your access was suspended or terminated in error, you may contact us to request reconsideration (see Section 17 on how to contact us). However, we are under no obligation to reinstate access.

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You are free to stop using the Site at any time. If you wish to cancel any subscription or account, you may do so according to the instructions on the Site or by contacting us. Note that even if you voluntarily cease using the Site, the relevant provisions of these Terms will continue to apply to your past use (for example, the indemnity and liability clauses will survive).

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16. Governing Law and Jurisdiction

These Terms of Use, and any disputes arising out of or relating to the Site or these Terms, are governed by the laws of New South Wales, Australia, except for any conflict-of-law provisions that would apply the laws of another jurisdiction. By using the Site, you submit to the exclusive jurisdiction of the courts of New South Wales, Australia for the resolution of any legal proceedings arising out of these Terms or the Site. If you are located outside Australia, please be aware that you are voluntarily subjecting yourself to the jurisdiction of Australian courts in New South Wales for such disputes.

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We make no representations that the content of the Site is appropriate or lawful in locations outside of Australia. Your access to the Site is on the condition that you comply with all applicable local laws. If any content or usage of the Site is contrary to the laws of your location, you should not continue to use the Site.

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17. Objections, Complaints, and Contact Information

If you have any objection, complaint, or feedback regarding material on the Site or if you believe any content infringes your rights or is otherwise unlawful, please contact us first to inform us of your concerns. You can reach us by email at ebergseng@nrinvestor.com.au or through the contact form on our website. Please include as much detail as possible about your concern, including the specific content in question and the reason for your objection.

We take legitimate complaints seriously. Upon receiving a complaint, we will review it and, if we determine it has merit, we may take action in our discretion (such as removing or modifying content, or responding to you for further discussion). We reserve the right to decide whether a complaint is justified or requires action. If we believe a complaint is unfounded, frivolous, or without merit, we may choose not to respond or not to take any action. By using the Site, you agree that you will not pursue legal action against us or our Associates without first providing us an opportunity to address your concerns informally.

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For general inquiries or any other questions not covered by the above, you are welcome to contact us at the email address provided. We will do our best to respond in a timely manner, but we do not guarantee any specific turnaround time.

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18. Miscellaneous Provisions

Entire Agreement: These Terms of Use (together with our Privacy Policy and any other legal notices or disclosures on the Site) constitute the entire agreement between you and Natural Resources Investor regarding your use of this Site. They supersede any prior agreements, understandings, or communications (whether written or oral) relating to your use of the Site. No oral explanation or information given by either party shall alter the interpretation of these Terms.

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Severability: If any provision of these Terms of Use is found to be invalid, illegal, or unenforceable by a court or other authority of competent jurisdiction, that provision shall be interpreted in a manner consistent with applicable law to reflect, as closely as possible, the original intentions of the parties. If a provision cannot be so interpreted and is instead held to be void or unenforceable, that provision will be severed from the Terms. All other provisions of these Terms will remain in full force and effect and shall not be affected by the severance of the invalid provision.

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No Waiver: If we do not insist immediately that you perform any obligation under these Terms, or if we delay in enforcing our rights or remedies under these Terms, it will not mean that we have waived those rights or remedies. No waiver by Natural Resources Investor of any term or breach of these Terms shall be deemed a further or continuing waiver of that term or any other term. To be effective, any waiver must be expressly provided in writing by an authorized representative of Natural Resources Investor.

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Assignment: You may not assign, transfer, or sublicense any or all of your rights or obligations under these Terms of Use without our prior written consent. We may assign or transfer our rights and obligations under these Terms to another party (for example, in the event of a corporate reorganization, merger, acquisition, or sale of assets) by providing you with notice (which may be posted on the Site). These Terms will inure to the benefit of and be binding upon each party’s permitted successors and assigns.

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Headings: Section headings in these Terms are included for convenience only and have no legal or contractual effect. They shall not affect the interpretation of any provision.

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Relationship: Your use of the Site and these Terms do not create any agency, partnership, joint venture, or employment relationship between you and Natural Resources Investor. You are accessing the Site as an independent party, and nothing in these Terms shall be construed as creating any form of representative or fiduciary relationship between us.

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Reservation of Rights: Any rights not expressly granted to you in these Terms are reserved by Natural Resources Investor.

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By using the Natural Resources Investor Site, you acknowledge that you have read, understood, and agreed to these Terms of Use. If you do not agree to these Terms (or any updates to these Terms), you must refrain from using the Site and its content.