Round 1 Investments

EMMERSON PLC (Fertilisers)

Emmerson (EML.LN) is developing the Khemisset potash project located in Morocco. The project contains a large, relatively shallow JORC compliant mineral resource estimate of 537Mt @ 9.24% K2O. Khemisset has strong competitive advantages relative to other proposed potash developments in terms of geological conditions, infrastructure and location resulting in low Capex and high operating margins. Emmerson’s June 2020 Feasibility Study has detailed a 20 year mine life producing a standard muriate of potash (MOP) and salt product for domestic and international markets with outstanding metrics (post tax NPV of US$1.4Bn and IRR of 38.5%). Starboard commenced incubation of Khemisset in 2014 via Moroccan Salts Limited ("MSL"). MSL entered into an MOU with Emmerson in October 2017 for the acquisition of Khemisset via reverse takeover. Starboard managed the RTO process and re-listed EML on the LSE in June 2018 after raising £6m. EML has a market capitalisation of £80 million as of May 2022.

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5EA ADVANCED MATERIALS INC. (Fertilisers, Critical Materials)

5EA Advanced Materials (FEAM.NASDAQ; 5EA.ASX), formerly American Pacific Borates (ABR.ASX), is developing the Fort Cady borate and sulphate of potash (SOP) project located in the southern Mojave Desert of California, USA. The project contains a globally significant JORC compliant mineral resource estimate of 120.44Mt @ 6.51% B2O3 (11.57% H3BO3 boric acid equivalent) and 344ppm Li. The operation at Fort Cady is targeting boric acid and SOP production for domestic and international markets. End markets being targeted include the agriculture sector and the specialty glass, ceramics and fiberglass manufacturing sectors with a need for high purity borate products. The February 2021 enhanced Definitive Feasibility Study released by ABR outlined peak production of 450ktpa boric acid and 400ktpa SOP. The financial metrics indicate EBITDA in full production of US$452.7m per annum, with a post-tax, unlevered project IRR of 41% and NPV8 of US$2.02Bn. Starboard first invested in the Fort Cady Project in August 2016 and subsequently managed the listing of ABR onto the ASX in July 2017 in a A$15m IPO. 5EA now has a combined market capitalisation on the NASDAQ and ASX as of May 2022 of US$1.1 billon.

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RAFAELLA RESOURCES LIMITED (Critical Metals)

Rafaella Resources (RFR.ASX) is the owner and developer of the Santa Comba tungsten (W) and tin (Sn) project and San Finx tin-tungsten mine located in Galicia, northwest Spain. Santa Comba is owned via RFR’s subsidiary Galicia Tin & Tungsten SL (GTT). GTT was formed in 2015 by Starboard and local joint venture partners to acquire and incubate the Santa Comba project, a historic W-Sn mine previously in commercial-scale production from 1982 to 1985, primarily as an underground mine. RFR completed a share-based acquisition of GTT in August 2019, resulting in a net capital raise of A$6m, to advance the project to development. Following RFR’s maiden drilling program at the Project, in August 2021 it announced a 42% increase to the JORC compliant near surface Measured, Indicated and Inferred Resource to 9.97Mt @ 0.16% WO3 & 0.01% Sn. A large amount of prospective open pit areas are yet to be drilled indicating significant resource upside. RFR also defined in February 2022 an underground JORC Inferred Resource for the Mina Carmen underground deposit of 291kt @ 0.95% WO3 and 0.23% Sn. Rafaella is currently completing a DFS and permitting for an open pit development.

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EUROBATTERY MINERALS AB (Battery Metals)

Eurobattery Minerals (BAT.NGM) is a Swedish registered company listed on the Nordic Growth Market and is developing the Hautalampi nickel (Ni), cobalt (Co) and copper (Cu) project in central Finland and exploring the Corcel Ni-Cu-Co project in Galica, northwest Spain. Following drilling in 2020 and 2021, BAT released a JORC compliant Indicated and Inferred Resource of 5.28Mt @ 0.35% Ni, 0.24% Cu and 0.08% Co at Hautalampi and 2.186Mt @ 0.25% Ni, 0.16% Cu and 0.06% Co along strike at Mökkivaara. Mineralisation is interpreted to be continuous between Hautalampi and Mökkivaara indicating good potential for additional resources to be defined. The Corcel project area hosts disseminated Ni-Co-Cu sulphides prospective for both selective and bulk mining scenarios. CMSL was created in 2017 by Starboard and local joint venture partners in order to acquire and progress the Corcel project. Drilling in 2019 and 2021 confirmed wide intersections of disseminated Ni sulphides with associated Cu and Co. BAT intends to advance its projects and build a portfolio of European battery mineral projects with the view of becoming a significant supplier of upstream supply of ethical and traceable raw materials critical to the expanding electric vehicle (EV) market.

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COBALT RECURSOS SL (Battery Metals)

Cobalt Recursos SL is a private Spanish registered company focused on building a portfolio of cobalt projects in Spain. The demand outlook for cobalt is strong, primarily due to growing demand for intermediate cobalt products used in the expanding electric vehicle battery market. The Iberian Peninsula has an abundance of rocks prospective for hosting economic accumulations of primary and secondary cobalt minerals. Starboard is the primary investor in Cobalt Recursos.

Investing with Starboard Global

Starboard periodically undertakes fundraising at the corporate level to expand its war chest and capabilities required to acquire projects that meet its investment criteria. The Company also manages private seed and public market fundraising for the other companies under its management that are used to advance those individual projects towards development and increase shareholder value. Parties interested in investing in Starboard Global or co-investing in specific projects are welcome to get in contact with us. Starboard also welcomes the chance to review and potentially invest in exciting mineral projects around the world, with a focus on exploration and development stage assets.