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ZincOx Resources pie

Annual Report & Accounts 2014

Contents

Introduction

Vision 1

Highlights 1

Chairman's Statement 2

Chief Executive's Review 4

Strategic Report

Principal Activities 6

Business Model 6

Operational Review 6

Korean Recycling Plant 6

Technology 8

New Projects 8

Other 9

Performance Review 9

Financial 9

Environmental, Health, Safety and Quality 12

Risks 12

Uncertainties 13

Corporate Governance

Directors 14

Group Information 16

Board of Directors 17

Board Committees 17

Director's Report 19

Financial Statements

Independent Auditor's

Report (Group) 20

Consolidated Income

Statement 21

Consolidated Statement of

Comprehensive Income 22

Consolidated Balance

Sheet 23

Consolidated Cash Flow

Statement 24

Consolidated Statement of

Changes in Equity 25

Notes to the Financial

Statements 26

Independent Auditor's

Report (Company) 48

Company Balance Sheet 49

Notes to the Financial

Statements (Company) 50

Other Information

Forward Looking

Statements 57

Notice of Annual General

Meeting 58

ZincOx Resources plc Annual Report & Accounts 2014

Vision

ZincOx intends to become a major zinc recycling company by the application of breakthrough technology that enables the profitable recovery of zinc and other metals from wastes that were considered to be of little or no value.

In South Korea the Company owns and operates the Korean Recycling Plant ('KRP') one of the world's largest zinc recycling facilities. It plans to roll this technology out around the world so as to create a network of recycling plants.

Highlights

2014

- Revenues of US$38.2m, an increase of 39% year on year

- Production of 28,564 tonnes of zinc in concentrate in 2014

- Consistently high quality zinc concentrate (>64%)

- Solution to heat exchanger corrosion implemented in August 2014

Post Year End

- 90 days uninterrupted operation at KRP

- January 2015 a record month: 3,786 tonnes of zinc in concentrate produced

- Improving quarterly performance, Q1 2015 showing record throughput, recovery and zinc concentrate production

- Korean debt restructured, weighted average interest reduced to 6.2%, interest reduced by US$0.5m per annum

- Recovery and throughput at KRP close to target levels

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Chairman's Statement

Dr Rod Beddows, Chairman.

2014 was a year which saw a transformation in the reliability and performance of our Korean operation (KRP) and I am pleased to report that these improvements continued through to the first quarter of 2015. This has been a record quarter in terms of throughput of electric arc furnace dust ('EAFD') processed while still maintaining a high level of recovery so that a record zinc production was achieved.

Revenue for the Group was US$38.2 million for the year, an increase of 39% compared to 2013. The increased revenue resulted from the improved performance of KRP that was mainly due to the success of modifications made to the heat exchangers which had previously caused several unscheduled stoppages.

KRP showed an improving EBITDA1trend through the year, so that in the first half there was a loss of US$1.4 million and for the second half it was slightly positive. The EBITDA loss for the year was US$1.3 million compared to an EBITDA loss for 2013 of US$9.2 million, an improvement of US$7.9 million for the year. The first quarter of 2015 showed continuing improvement and an EBITDA profit of US$0.8 million.

Since the major modification to the heat exchangers in August, all but two of the months have had a positive EBITDA and, as we foresee no closures or supply reductions for the next three months, we expect the next

quarter to be significantly more positive than the first quarter of this year. KRP is generating positive monthly operating cash flow which will increase as a result of ongoing improvements to throughput and recovery. Since most of

the operation's costs are fixed, the final ramp up to full daily throughput has a disproportionately positive impact on profitability, so that, at today's zinc price (US$2,150 per tonne) and assuming target zinc grade of EAFD, in a full operating month the plant should generate well over

US$1 million of EBITDA per month.

Revenue for the Group was US$38.2 million for the year, an increase of 39% compared

to 2013.

The Company is now in a position where the technology has been sufficiently demonstrated to be able to plan the development of the next plant. The profitability of the next plant will, however, be greatly enhanced by the upgrading of both the zinc and iron intermediate products made by

the rotary hearth furnace ('RHF') into high value final products. We refer to this concept as the 'Full Cycle' approach and

in order to accelerate the development of new projects we are considering the introduction of a strategic partner.

Our increasing focus on Asia combined with full EAFD recycling capacity in the USA have led us to record an impairment of the investment of the Big River Zinc Smelter and other USA related assets. This one off charge has added US$13.7 million to our reported losses, which would otherwise have been US$19.5 million, a reduction of US$6.3 million compared to 2013. Given that the operation now has good reliability and positive operating cash flow, the results of 2014 do not reflect the current position at

KRP or its prospects for 2015 and shareholders should be reassured by the recent operational successes so that we can look forward to very much more positive financial results for the current year.

In order to make the critical modifications to the heat exchangers, necessary to improve plant reliability and provide working capital while the modifications were being made, a placing of new shares and a rights issue was undertaken in April 2014. This fundraising, which was well supported by existing shareholders, raised £2.9 million.

Globally, the outlook for zinc continues to be positive, supported by strong demand, falling production and insufficient new discoveries or mine developments. In a survey of analysts at the end of the year there was broad consensus that the zinc price will average over US$2,300 for 2015, rising to US$2,500 and US$2,600 during 2016 and 2017 respectively.

2 ZincOx Resources plcAnnual Report & Accounts 2014

KRP showed an improving EBITDA trend through the year… the first quarter of 2015 showed an EBITDA profit of US$0.8 million.

The graph shows an improving EBITDA trend during half 1 and half 2 in

2013, half 1 and half 2 in 2014 and quarter 1 2015.

Korean Recycling Plant

EBITDA - USD

H1

2013

H2

2013

H1

2014

H2

2014

Q1

2015

I should like to record my thanks to Guy Lafferty and Jacques Dewalens who are stepping down from the Board. Guy has represented Höegh Capital Partners on the Board for the past six years and his contribution during the critical development period has been much appreciated. I am delighted that Jacques Dewalens will continue to work for the Company as a consultant and, by being relieved of his Board duties, he will have more time available to dedicate to the optimisation of KRP and the management of our Research and Development activities.

At the beginning of 2014 we faced many challenges; these have been overcome and the Company is now in its strongest position for many years, with KRP generating positive EBITDA and demonstrating a breakthrough technology that can solve one of the world's greatest hazardous waste challenges. I would like to thank the shareholders for their loyal support and management for persevering with the ramp up at KRP and so placing the Company in the position that it can now realise the full potential presented by the 'Full Cycle' approach.

Dr Rod Beddows

Chairman

14 April 2015

1 KRP earnings before interest, tax, depreciation and amortisation (adjusted to exclude foreign exchange gains and losses).

ZincOx Resources plc Annual Report & Accounts 20143

Chief Executive's Review

Andrew Woollett, Chief Executive.

The performance improvements made in the latter part of

2014 at KRP have begun the transformation of the Group. These improvements have been the result of better combustion in the furnace and the implementation of changes to the heat exchangers which have protected them from corrosion, and so avoid unscheduled repairs. In the first half of 2014, however, these repairs severely restricted production and it was not until the major remediation in August that the reliability improved.

The plant is currently operating at about 90% of targeted weekly performance and this is expected to increase to

100% within the next six months as the plant undergoes final debottlenecking and optimisation.

The changes to the heat exchangers made during 2014 provide a permanent solution, but one which will still require maintenance every three to four months that, in turn, will reduce annual capacity by about 10%. In order to avoid this reduction and the cost of their maintenance, an alternative to the heat exchangers is being engineered. This alternative will have the added benefit of reduced energy costs, as cheaper coal can replace a high proportion of the natural gas we are currently using, which constitutes the single greatest cost in the operation because it is very expensive

in Korea. Taken as a whole, the removal of the heat exchangers could increase EBITDA by over US$6 million per annum (zinc price US$2,250/t).

The performance improvements made in the latter part of 2014 at KRP have begun the transformation of the Group.

Korea Zinc has recently agreed to restructure the Development Loan. Under this restructuring, outstanding interest has been rolled into the Development Loan, the repayment of which, has now been spread over two and a half years starting in February 2016. Furthermore, the interest rate on the loan has been reduced from 15% to

9.5%. Consequently KRP's weighted interest rate, including the long term Offtake Loan, is today only about 6.2%. In consideration of this restructuring, the offtake agreement

for zinc concentrate is being extended to a total of

1,050,000 tonnes.

In December, certain quite subtle changes to the furnace operating conditions had a very positive impact on our capacity and daily throughput substantially increased. This led to improved operational performance and in addition, the EAFD stockpiled in the mega-silo was drawn down very much more rapidly than foreseen. This, together with mill suspensions during the lunar new year holiday period, resulted in a shortfall of EAFD in February and March this year. EAFD deliveries continued through the March maintenance period and these have re-stocked the mega-

silo. Draw-down from the mega-silo will enable the plant to operate at full throughput into June, by which time, additional EAFD should be delivered under new supply contracts currently under negotiation. The EAFD that is being considered under the new contracts has a grade above

the plant's average target feed grade and so deliveries under these new contracts should help to increase the average zinc grade of the feed to the plant.

4 ZincOx Resources plcAnnual Report & Accounts 2014

The Company is now in a position where the technology has been sufficiently demonstrated to be able to plan the development of the next plant.

While management has remained focused on the ramp up at KRP, there have been resources available to consider the next project and particularly the technology required to upgrade the products of the RHF. The process for upgrading the zinc concentrate has now been optimised using a new hydrometallurgical approach designed by the Company's technical team in Belgium. The product generated by this process has been tested by internationally recognised organisations which have confirmed its suitability for use in glazes and rubbers, the two largest markets for this important zinc chemical. These applications should double the value

of the zinc that will be produced by new projects and so lead to a very significant increase in profitability. Since the zinc concentrate produced at KRP is already contracted for sale to Korea Zinc as part of the loan agreements, this upgrading will not be immediately possible in Korea. The RHF's iron product will be melted in a Submerged Arc Furnace ('SAF').

The new plants will incorporate a rotary hearth furnace and upgrading processes for both zinc and iron. This is referred as a 'Full Cycle' plant as it represents the complete transformation of the feed to final products. The upgrading uses standard equipment and well known chemical processes and this year we plan to undertake piloting or commercial trials to evaluate the reagent and energy consumption and create samples for test marketing. Preliminary studies indicate a plant treating 100,000 tonnes of EAFD per annum should have an internal rate of return

in excess of 25% (pre-tax, ungeared, at a zinc price of

US$2,250/t).

Zinc Concentrate

At the higher zinc prices expected over the next few years, even the traditional EAFD processing technology employed by competitors can work profitably, albeit much less so than our Full Cycle approach. For this reason, there are competitors vying for EAFD in many countries across the world. In order not to lose out on the exceptional opportunity created by

the Full Cycle approach we need to move fast to secure feed supply ahead of the competition.

Over the next year or so the cash flow from KRP is unlikely to contribute sufficiently to advance the development of the new projects. In order to progress these exciting new projects, a search for a strategic partner was initiated with HCF International and we continue to talk to interested parties that share our vision for the future and which could support our ambitious roll out plans.

2015 has started very positively with KRP running well and continuously so that ongoing improvements can be tested and implemented. We are now looking forward to being able to roll this breakthrough technology out to other parts of the world.

Andrew Woollett

Chief Executive

14 April 2015

ZincOx Resources plc Annual Report & Accounts 20145

Strategic Report

ZincOx Resources plc, whose headquarters are in Surrey, UK, has received a Mover & Shaker award after being recognised as a company which has made a significant impact internationally on its market sector.

What makes the award unique is that no company was able to put itself forward or be nominated. Instead, more than 5,000 companies in the south of England were researched and independently assessed against a set of measures.

'The criteria include being a 'game changer' in terms of developing new techniques and standards,' explained Sean Wright, partner at Shoosmiths and a co-presenter of the Award.

Left: Simon Hall, Finance Director, receives The South's Movers & Shakers award from (left to right) Toby Wright (Deloitte), Sean Wright (Shoosmiths), Martyn Begbour (UBS), Richard Dibden (CMA), and Matt Fleming (Emerge Group).

The directors of the Company and its subsidiary undertakings (which together comprise 'the Group') present their Strategic Report, as approved by the whole Board, for the year ended
31 December 2014.
The Strategic Report is a statutory requirement under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 and is intended to provide fair and balanced information that enables the Directors to be satisfied that they have complied with s172 of the Companies Act 2006 which sets out the Directors' duty to promote the success of the Company.

Principal Activities

The principal activity of the Group is the production of high grade zinc concentrate by the recycling of electric arc furnace dust. The Company acts as a recycling, development and holding company. A detailed review of the business and future developments is included in the Chief Executive's Review (pages 4-5) and the Operational Review section of the Strategic Report (pages 6-9).

Business Model

Scrap iron and steel is mostly recycled in electric arc furnaces (EAF) where the volatile constituents (Zn, Pb, Cl, Na etc) are driven off as fine particles and gasses. This electric arc furnace dust, EAFD, needs to be filtered from the flue gases. Steel is generally protected from corrosion by galvanising, a process whereby a thin coating of zinc is applied to the surface of the steel. This coating insulates the steel from reaction with air and so prevents corrosion. Steel scrap
is becoming increasingly galvanised and since zinc is a volatile element, it constitutes part of the EAFD. The zinc content of the EAFD is generally between 20% and 25%, and also contains 25% to 30% iron, both of which occur largely as oxides. In addition, the EAFD contains lead, cadmium and arsenic, all these toxic elements are to some extent soluble in water, which therefore makes EAFD
a hazardous waste. EAFD is probably the world's largest inorganic hazardous waste problem.
The steel mills need to dispose of the EAFD either in landfill or to processors which recover the zinc. Process plants based on existing technology have never been developed unless a significant disposal fee has been paid by the steel mills.
The breakthrough technology used by ZincOx recovers the zinc using a rotary hearth furnace (RHF). The zinc forms a unique high quality zinc oxide concentrate (HZO), an iron intermediate product (ZHBI). This means that there will be no waste.
The ZHBI can be further processed into pig iron and a clean slag that can be used by the cement industry. It has recently been demonstrated that the exceptional quality of the HZO will enable it to be upgraded to a zinc oxide chemical. The upgrading would greatly enhance revenue and profitability. When developed with
the rotary hearth furnace as an integrated operation, together with ZHBI upgrading the technology is referred to as the 'Full Cycle' approach.
In 2012, ZincOx commenced production at its first EAFD recycling plant (KRP), in South Korea. Following the resolution of a number of teething problems, it is now operating close to full capacity.
ZincOx plans to roll out Full Cycle plants around the world. Preliminary work in a number of countries is well underway. The development of additional plants should enable ZincOx to realise its ambition of becoming one of the world's largest zinc recycling companies.

Operational Review

Korean Recycling Plant (KRP)

The Korean Recycling Plant, KRP is one of the world's largest EAFD recycling facilities, having a nominal capacity of 200,000 tpa EAFD for the production of about 70,000 tpa zinc concentrate (HZO) and 100,000 tpa of iron product (ZHBI). KRP has exclusive long term EAFD supply agreements with eight steel companies that have targeted output of 175,000 tpa. The plant commenced production in April 2012.
All the zinc concentrate (HZO) produced during 2014 has been high grade (64-68% zinc) and of exceptional quality, having less than
0.03% iron and with a very high washability of salts. All the production is sold to Korea Zinc under a long term offtake contract.
The ramp up to full production in the first half of 2014 was hampered by several stoppages, required to repair corrosion in the radiant heat exchangers. During this period, a special refractory was
tested on parts of the walls of their inner tubes. These tests were successful and in August all four heat exchangers were lined with this material.

6 ZincOx Resources plcAnnual Report & Accounts 2014

KRP Daily Meeting and Daily Briefing

Production continued uninterrupted until November when the plant was stopped to repair fallen refractory. Unfortunately the numerous stoppages for heat exchanger repairs over the previous two years will have weakened the refractory lining in the RHF and gas handling system. Several areas of refractory were repaired in August but some new areas showed weakness in November and were entirely rebuilt, including the drop boxes. An inspection of the new refractory lining of the heat exchangers showed that, whilst generally good, some areas had degraded and both refractory and underlying metal needed to be replaced. This degradation was probably due to poor installation procedures which have now been reviewed and improved.
A small failure of refractory near the offtake of the furnace had to be repaired in December and special care was taken in its rebuild. It is now believed to be stable. The heat exchangers' lining was again inspected but only very small repairs were necessary and these too are believed to have resulted from the poor practices employed during the August remediation.
A new configuration of burners tested in December proved very effective and recovery and throughput increased while gas consumption dropped. Energy and other reagents are close to target consumptions, and whilst the unit cost of both gas and electricity are significantly above the levels anticipated before development, the cost of the coal has fallen.
The maintenance of the heat exchangers was planned for February
2015, but as there was no sign of degradation, the plant was not closed. Plant throughput was restricted due to a shortage of EAFD in March, and production was suspended so that the heat exchangers could be inspected. This showed very little damage to the steel inner tubes of the heat exchangers so that the linings had provided an efficient barrier to corrosive gasses. The special refractory lining was refurbished and other minor repairs undertaken so that the plant recommenced operation after 14 days on the
4th April.
The plant is ramping up to full capacity and is currently operating at about 93% of targeted throughput and 96% of targeted recovery so that the overall performance of the plant is at about 90% of target.

The graphs show weekly production at KRP excluding weeks when the plant was fully or partially closed.

Korean Recycling Plant view from South West

KRP Plant Performance

(Recovery x throughput as % of targets)

120%

100%

80%

60%

40%

20%

0%

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

EAFD Zinc grade as % of target

(27.2% zinc)

120%

100%

80%

60%

40%

20%

0%

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

Zinc in concentrate produced as % of target

(1,052t/week)

120%

100%

80%

60%

40%

20%

0%

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

ZincOx Resources plc Annual Report & Accounts 20147

Strategic Report

Continued

Reviewing samples of briquettes on conveyor belt

The refractory lining of the radiant heat exchangers has been shown to provide an effective barrier to corrosion, and so provides a practical solution to the problem. If it's assumed that the refractory lining will need some attention every three to four months, annual running time and annual throughput will be reduced by about 10% (180,000 tpa EAFD).
In order to avoid heat exchanger maintenance stoppages and attain the planned single three week closure per annum, a permanent solution to the heat exchangers has been designed. This involves the removal of the heat exchangers and the installation of a coal fired air heater that will provide pre-heated combustion air for use
in the furnace. Since coal is a very much cheaper source of energy than gas in Korea, the new configuration will have a lower total energy cost. The savings in the cost of refractory repair and energy and the ability to operate at the full nominal throughput are estimated to create a combined benefit amounting to over US$6 million in EBITDA per annum
Efforts to sell the iron product have, to date, been unsuccessful and it has been sent mostly to landfill. Testing in some integrated steel works is expected to start shortly. In order to realise the value of
the iron in the ZHBI, a scoping study for its melting in a submerged arc furnace (SAF) has been completed.
The steel industry in Korea and in other Asian countries has been severely affected by cheap Chinese exports. Towards the end of the year, the amount of EAFD generated by the contracted mills diminished by about 15% and the zinc grade of the EAFD also fell. The average zinc grade in the first half of the year was 5-10% greater than the target grade (27.2%). Since the major remediation in August, however, the grade has only averaged 25.6%. The
shortfall in EAFD being experienced in 2015 should be balanced by new contracts commencing in the second quarter of the year, and discussions are underway with several potential suppliers of higher grade EAFD that should help to raise the average grade of the material being treated.

At a zinc price of US$2,250 per tonne, new Full Cycle developments should have rates of return in excess of 25% (pre-tax, ungeared).

Technology

Zinc Concentrate (HZO) Upgrading

During 2014, testwork on KRP's zinc concentrate was undertaken to confirm the best way to upgrade it to an industrial zinc oxide
and several processes were tested. The best process was designed by ZincOx's technical team and is called Consecutive Metal Leaching ('CML'). CML comprises a combination of existing technologies specifically configured to remove the halides, sulphates and deleterious base metals from the concentrate. The zinc oxide that remains after this treatment has a grade of about
99.7% zinc oxide, high enough to qualify for most industrial uses.
Laboratory scale CML testwork has provided samples of the zinc oxide. These samples have been used to make glazes for the ceramics industry and rubber samples, by laboratories that specialize in the technical qualification of raw materials. In both cases the zinc oxide produced by upgrading the HZO was shown to be equally effective as leading market brands.

Iron Product Upgrading

Representative ZHBI samples have been analysed and the results used to undertake sophisticated computer simulation of the submerged arc furnace (SAF) technology. The simulation was carried out by Mintek, an internationally recognised metallurgical engineering company. The computer modelling gives likely energy and reagent consumptions as well as iron, slag and fume compositions. This information has been used in the scoping study for the installation of a melter at KRP, which indicates that KRP's EBITDA could be increased by about US$10 million per annum (zinc price: US$2,250/t, scrap price: US$350/t). Melting trials are planned for 2015.

New Projects

The Full Cycle approach, combining the RHF, CML and SAF technologies has been modelled financially. At a zinc price of US$2,250 per tonne, new Full Cycle developments should have rates of return in excess of 25% (pre-tax, ungeared).
ZincOx has been actively researching potential sites for Full Cycle plants over the past eight years. Thailand is likely to be the next development but considerable work has been undertaken elsewhere so that a series of developments is envisaged.

8 ZincOx Resources plcAnnual Report & Accounts 2014

Thailand

Other

In the USA, the Group's Big River Zinc facility continues to provide services to third parties distributing sulphuric acid and diesel emission fluid. The possibility of using the facility to upgrade HZO generated by recycling activities would be feasible at Big River,
but the cost of transporting feed material would be prohibitively expensive. The use of the facility for piloting the CML upgrading process has been investigated; it would, however, be more expensive than alternative piloting options available to the Company. Since
the capacity of EAFD recycling facilities in North America is broadly in balance with the generation of EAFD, the Company considers the USA to be a low priority target.
In Turkey, the Company has carried out a review of the availability of EAFD taking into account generation and treatment facilities. New facilities, either under construction or being planned by steel mills, will result in surplus treatment capacity and ZincOx does not feel an additional treatment facility is warranted.
In Russia, the Company has a joint venture with the Magnezit Group, for the investigation of an EAFD recycling plant to service steel mills in the former Soviet Union. The investigation, which is at early
stage, is being led by the Magnezit Group.

Performance Review

Financial

Group Results Overview

The Group improved revenues by US$10.7millon (+39%) in the year which resulted in revenues of US$38.2 million (2013: US$27.5 million). This helped the Group make a reduced gross loss figure in the year of US$5.3 million (2013: US$12.8 million).
However, a one off impairment charge of US$14.0 million, included in administrative expenses, has been made in the year, relating mainly to Big River Zinc, a non-core asset in the USA.
When this one off charge is excluded, the Group made an underlying EBITDA loss of US$6.0 million for the year to 31 December 2014 (2013: US$15.4 million). This significant improvement was largely due to the turnaround at KRP as the plant continued to show improved financial performance month on month, finishing the year with an EBITDA loss at KRP of US$1.3 million (2013: US$9.2 million).
The impairment charge is the key reason why the result for the year has worsened even though the Group's underlying EBITDA has improved by US$9.4million. The result for the year attributable to shareholders of the parent company was a loss of US$33.2 million (2013: US$26.3 million).

Key Performance Indicators

Building on the physical throughputs and performance of 2013, the Group sold 28,564 tonnes of zinc contained in concentrate in the year from KRP (2013: 24,577 tonnes). This was the plant's second full year in production and although the plant had various heat exchanger and refractory issues in the year, it has showed good improvements in key production metrics. These metrics ('KPIs') continue to be monitored as well as other key economic operating factors through regular management meetings.

KRP	2014	% 2013 change
Zinc in concentrate sold (tonnes) Average zinc price (US$/tonne) Zinc revenue billed (US$ millions) Underlying EBITDA (US$ millions)* EAFD processed (tonnes)	28,564 2,164 37.5 (1.3) 119,124	24,577 +16 1,910 +13 27.1 +38 (9.2) +86 103,420 +15

* before any foreign exchange impact
The directors monitor any hazards that are reported on operational sites and review any accidents and incidents as part of the ongoing environmental health and safety procedure. During the year, the total number of man hours worked across the Group was 182,000, with one lost time incident (2013: 208,000 hours and one lost time incident). The lost time incident in the year involved an operator at KRP who suffered an injury to his ring finger when an accumulation of HZO became detached and fell onto his right hand.
At the Group level, the directors continue to monitor the cash requirements of the business when compared to cash requirements especially to maintain development progress on the various projects until a steady state production is achieved in Korea. Then consideration is given to any financing opportunities which need to be pursued. As a result a strategic partner is being sought for new project developments.

ZincOx Resources plc Annual Report & Accounts 20149