Performance Evaluation Statement

This statement provides an overview of the Company’s approach to performance evaluation of the Board, its Committees and individual Directors, and key executives.

The Board

The Board is responsible for evaluating its performance under the direction of the Chairman.

The Board will discuss and set the objectives to be achieved at the start of the relevant period and at its end the Board will assess the extent to which its objectives were achieved. The Chairman might also determine that there be a survey to ascertain the directors' perceptions on Board performance.

The Chairman will determine the process by which the performance of individual directors will be assessed and the process may include one-on-one interviews with directors by the Chairman, or a Board survey of individual directors to determine perceptions about each individual Board member.

External advisers might also be called on to assist in the evaluation of the Board and individual directors.

The Board has not established a Nomination/Remuneration Committee to date. Where a vacancy arises or it is considered appropriate to vary the size of the Board of Directors, the Board reviews its composition and the qualifications and experience of candidates. Directors are selected upon the basis of their specialist skills and business background so as to provide an appropriate mix of skills, perspective and business experience.

Board Committees

Each Board committee is required to review its performance annually. The review may take place by way of a survey to ascertain its members' perceptions on the committee' s performance. Recommendations might then be made by the committee’s chairman to the Board for improving the committee’s effectiveness.

Executives and Senior Management

Each executive and member of senior management will be subject to an annual performance review by an immediate superior and where appropriate by the Managing Director. The review will have regard to the completion of key job objectives and contribution towards objectives of the Company. The outcomes of such reviews will be provided to the Board which monitors performance management in its determining of executive and senior management remuneration.

The Board will facilitate the performance evaluation of the Managing Director and Executive Directors where appropriate. The performance evaluation and remuneration of the Managing Director will be the responsibility of the Board based on its assessment of the Company’s overall performance (including exploration outcomes).

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