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Further Update on the Export of Metallic Mineral Concentrates

24 May 2017

Acacia notes the findings of the Presidential Committee’s investigation into the export of gold/copper concentrates which were presented to the President of Tanzania H.E. Dr. John P. Magufuli this morning. The Committee has stated that Acacia has not fully declared all of the minerals contained in the concentrate and the directive halting the export of metallic mineral concentrates remains in place.

Acacia has not yet seen a full copy of the report, which states that the value of minerals within the concentrates in the containers currently at the Dar es Salaam port is more than 10 times the declared amount. We are seeking a full copy of the report and further clarification.

Acacia re-iterates that it fully declares everything of commercial value that we produce and pay all appropriate royalties and taxes on all of the payable minerals that we produce.

Acacia will provide a further update to the market as soon as practical.