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Corporation
METALS & MINING
glencore.com

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Investments

14

Portfolio Exits

6

Funds

1

Partners & Customers

10

Service Providers

3

About Glencore

Glencore (LSE: GLEN, SEHK: 0805, JSE: GLN) is a diversified natural resources company. The Company operates in three groups: metals and minerals, energy products, and agricultural products. Glencore offers its products and services around the world.

Glencore Headquarter Location

Baarermattstrasse 3

Baar, 6340,

Switzerland

+41 41 709 2000

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Latest Glencore News

Mink Ventures Signs Letter of Intent to Aquire an 80% Interest in the Montcalm Ni-Cu-Co Project for Possible Qualifying Transaction

Jun 28, 2022

By Reading Time: 4 minutes Toronto, Ontario–(Newsfile Corp. – June 27, 2022) – Mink Ventures Corporation (TSXV: MINK.P) (“Mink” or the “Company“) is pleased to announce that it has entered into a Letter of Intent dated June 27, 2022 (“LOI“) with Voltage Metals Corp. (“Voltage“) with respect to an option to acquire an 80% interest in the Montcalm Ni-Cu-Co project (the “Transaction“) which covers 38.8 sq. km and is located adjacent to Glencore’s past producing Montcalm Mine which had historical production of approximately 3.9 million tonnes grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2011) The Montcalm project is located 60 km northwest of Timmins, Ontario and has excellent access and infrastructure. Terms of the Option: Pursuant to the terms of the LOI, and subject to entering into a definitive agreement (the “Transaction Agreement“), Mink will have the exclusive option to acquire an 80% interest in the Montcalm project from Voltage by making the following cash payments, share issuances and minimum work expenditures: Part 1: Pay $25,000 to Voltage on or before the date of completion of the Qualifying Transaction (the “Effective Date“); Issue 800,000 common shares in the capital of Mink to Voltage on or immediately prior to the Effective Date; Incur a minimum of $300,000 in work expenditures on the Property on or before April 10, 2023 Part 2: Pay $25,000 to Voltage on or before the first anniversary of the Effective Date; Issue 800,000 common shares in the capital of Mink to Voltage on or before the first anniversary of the Effective Date; and Incur a minimum of $300,000 in work expenditures on the Property on or before April 10, 2024. Mink may accelerate and carry forward any of the cash payments or work expenditures. Upon full exercise of the option, Mink shall assume responsibility for payment of the aggregate 1.25% net smelter returns royalty to the extent of its relative ownership interest in the Montcalm project. Mink proposes to complete a private placement raising not less than $1,000,000 (the “Private Placement“) to fund the phase one work program on the Montcalm project and general and administrative operating expenses. Mink does not plan to make any changes to its board of directors in connection with the Transaction. The Transaction, when completed, may be considered to be Mink’s Qualifying Transaction for the purposes of the TSX Venture Exchange Inc. (the “Exchange“). The Company has requested its common shares to be halted by the Exchange pending review of the materials for the Transaction. Trading in the common shares of the Company is expected to remain halted until the closing or termination of the Transaction. Mink, a capital pool company within the meanings of the policies of the Exchange, does not have any operations and has no assets other than cash. Mink’s business is to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction under the policies of the Exchange. Completion of the Transaction is subject to a number of conditions, including but not limited to, successful negotiation of the Transaction Agreement, Exchange acceptance, and the completion of the Private Placement. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. This is an initial press release. The Company intends to issue a further press release once it has entered into the Transaction Agreement. The Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Highlights of the Montcalm Project: 38.8 sq. km claim block adjacent to Montcalm Ni-Cu-Co Mine (historical production of approximately 3.9 million tonnes grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2011) with mine host geology (Montcalm Gabbro Complex “MGC”) extending on to Mink’s property. Mink’s holdings cover ~ 66% of the gabbro zone component of the MGC shown in blue in the accompanying Figure 2. The gabbro zone is the primary host of the Montcalm Mine. Other significant features include the megabreccia zone known to host anomalous nickel and copper mineralization designated Unit 4 in Figure 2. There are a number of drill ready targets to be tested. Some of the higher priority VTEM targets and ground IP targets that remain to be tested are within or proximal to a prospective target area designated the “Hook Zone” located within the gabbro zone of MGC. A large portion of the southern section of the property has not been tested with airborne VTEM, which is capable of detecting deeper conductive zones between 350-400 meters below surface, well beyond the +- 200-meter capability of historical surveys. Known deposits at the adjacent mine were present well below the 200-meter elevation. Future Exploration Plans which are subject to the completion and recommendations of an NI 43-101 report, which is currently underway, include: An airborne VTEM survey and airborne gravity survey in the southern part of the property to complement existing surveys; Maxwell Plate analysis of all VTEM data; Further ground induced polarization (IP) surveys over priority Hook Target VTEM anomalies and magnetic anomalies; Ground prospecting and sampling;

Glencore Investments

14 Investments

Glencore has made 14 investments. Their latest investment was in Li-Cycle as part of their Corporate Minority - P2P - II on May 5, 2022.

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Glencore Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/5/2022

Corporate Minority - P2P - II

Li-Cycle

$200M

Yes

7

4/14/2022

Corporate Minority - P2P

Horizonte Minerals

Yes

1

3/18/2022

Corporate Minority - P2P

Metals Acquisition Corporation

$50M

Yes

2

2/15/2022

Corporate Minority - II

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$99M

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10

8/17/2021

Corporate Minority

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10

Date

5/5/2022

4/14/2022

3/18/2022

2/15/2022

8/17/2021

Round

Corporate Minority - P2P - II

Corporate Minority - P2P

Corporate Minority - P2P

Corporate Minority - II

Corporate Minority

Company

Li-Cycle

Horizonte Minerals

Metals Acquisition Corporation

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Amount

$200M

$50M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

7

1

2

10

10

Glencore Portfolio Exits

6 Portfolio Exits

Glencore has 6 portfolio exits. Their latest portfolio exit was Russneft on February 15, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/15/2022

Shareholder Liquidity

Russneft

$99M

2

1/31/2022

Divestiture

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$99M

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10

6/16/2021

Acquired

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$99M

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10

3/4/2021

Acq - Pending

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$99M

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10

10/20/2016

Divestiture

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$99M

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10

Date

2/15/2022

1/31/2022

6/16/2021

3/4/2021

10/20/2016

Exit

Shareholder Liquidity

Divestiture

Acquired

Acq - Pending

Divestiture

Companies

Russneft

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

10

10

10

10

Glencore Acquisitions

8 Acquisitions

Glencore acquired 8 companies. Their latest acquisition was Weser Metall on April 28, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/28/2021

$99M

Acquired

1

12/1/2020

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$99M

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10

7/10/2018

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$99M

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10

7/8/2014

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$99M

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10

6/1/2014

Other

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$99M

Subscribe to see more

10

Date

4/28/2021

12/1/2020

7/10/2018

7/8/2014

6/1/2014

Investment Stage

Other

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

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Sources

1

10

10

10

10

Glencore Fund History

1 Fund History

Glencore has 1 fund, including Glencore Community Support Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

4/10/2020

Glencore Community Support Fund

$25M

1

Closing Date

4/10/2020

Fund

Glencore Community Support Fund

Fund Type

Status

Amount

$25M

Sources

1

Glencore Partners & Customers

10 Partners and customers

Glencore has 10 strategic partners and customers. Glencore recently partnered with Li-Cycle on May 5, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

5/5/2022

Partner

Canada

Li-Cycle and Glencore Announce Global Strategic Partnership; Glencore to Make a $200 Million Investment in Li-Cycle

TORONTO -- -- Li-Cycle , an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America , today announced a strategic partnership with Glencore plc , a leading provider of primary metals for the production of EV batteries .

16

4/12/2022

Client

United States

Glencore and General Motors enter multi-year cobalt supply agreement

GM and POSCO Chemical are building a new facility in Quebec , Canada as part of their joint venture to produce CAM for GM 's Ultium Batteries .

1

4/12/2022

Client

United States

GM inks cobalt deal with miner Glencore as it ramps up EV production

Share this Story : GM inks cobalt deal with miner Glencore PLC as it ramps up EV production

5

3/22/2022

Vendor

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10

3/7/2022

Client

France

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10

Date

5/5/2022

4/12/2022

4/12/2022

3/22/2022

3/7/2022

Type

Partner

Client

Client

Vendor

Client

Business Partner

Country

Canada

United States

United States

France

News Snippet

Li-Cycle and Glencore Announce Global Strategic Partnership; Glencore to Make a $200 Million Investment in Li-Cycle

TORONTO -- -- Li-Cycle , an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America , today announced a strategic partnership with Glencore plc , a leading provider of primary metals for the production of EV batteries .

Glencore and General Motors enter multi-year cobalt supply agreement

GM and POSCO Chemical are building a new facility in Quebec , Canada as part of their joint venture to produce CAM for GM 's Ultium Batteries .

GM inks cobalt deal with miner Glencore as it ramps up EV production

Share this Story : GM inks cobalt deal with miner Glencore PLC as it ramps up EV production

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Sources

16

1

5

10

10

Glencore Service Providers

10 Service Providers

Glencore has 10 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Barclays Capital

Investment Bank

Bookrunner

Commercial Bank

Bookrunner

Investment Bank

Bookrunner

Service Provider

Barclays Capital

Associated Rounds

Provider Type

Investment Bank

Commercial Bank

Investment Bank

Service Type

Bookrunner

Bookrunner

Bookrunner

Partnership data by VentureSource

Glencore Team

7 Team Members

Glencore has 7 team members, including current Chief Executive Officer, Ivan Glasenburg.

Name

Work History

Title

Status

Ivan Glasenburg

Chief Executive Officer

Current

Steven Kalmin

Chief Financial Officer

Current

Fernando Ragone MBA CPA

First Majestic Silver, Primero Mining, and PwC

Chief Financial Officer

Former

Cyril Reol

Man Group, CGI, and Thales Group

Chief Information Officer

Former

Paul Keely FCA

Controller

Former

Name

Ivan Glasenburg

Steven Kalmin

Fernando Ragone MBA CPA

Cyril Reol

Paul Keely FCA

Work History

First Majestic Silver, Primero Mining, and PwC

Man Group, CGI, and Thales Group

Title

Chief Executive Officer

Chief Financial Officer

Chief Financial Officer

Chief Information Officer

Controller

Status

Current

Current

Former

Former

Former

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