NunaMinerals A/S : Chairman Statement

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Monday, 4 July 2016

Dear NunaMinerals Stakeholders

• Company considering appeal of bankruptcy judgement

• Action considered against former Chief Executive

• Plan in place to settle creditor claims

• Plan to repay tax payers loan

The Management Team have spent a great deal of time and money (in excess of DKK 8m) navigating a path to a successful restructuring of NunaMinerals. Refinancing and restoring NunaMinerals to trading on the NASDAQ stock exchange has been a complex and arduous process, involving several layers of professional advisers, multiple regulatory and governmental approval processes, as well as the full-time commitment of the Management Team.

The key elements of the restructuring plan, for which we have broad agreement from creditors, is as follows:

1. Small creditors - less than DKK 120,000 - paid in full upon NASDAQ confirming re-trading date

2. Large creditors - greater than DKK 120,000 - paid in full in accordance with the Creditor Composition Agreement in equal quarterly instalments over two years.

3. Any creditors from the start of Suspension of Payments period paid in full

We are therefore astounded by the decision of Ole Christiansen, the Company's former Chief Executive, to unilaterally destroy the prospects for the Company' creditors and shareholders by shamelessly trying to claim a sum of money on a basis that most creditors and shareholders would find offensive.

Mr Christiansen, who was handsomely rewarded whilst chief executive despite leading the Company into bankruptcy, is trying to claim DKK 2.5 million for his notice period from 1st January 2015 to 1st January 2016 together with an additional 12 months severance pay. In other words, having resigned just before NunaMinerals had to begin bankruptcy proceedings in April of 2015, following Mr Christiansen's period as CEO, he is trying to claim two years salary from a Company that would have been bankrupt during that notice period, had parties other than Mr Christiansen not sought to rescue the Company. Rather than try to claim money in this way, the honourable course of action for Mr Christiansen would have been to apologise to creditors and shareholders for leading the Company to the brink of bankruptcy, cooperate with the attempts to restructure the Company and not even think about making such an offensive demand for payment.

In contrast to Mr Christiansen's ill-conceived claim, the Company's shareholders, trade creditors and lenders, are facing a real loss of real money that they have either advanced to the Company or used to buy shares.

Immediately prior to the bankruptcy hearing, the Management Team had already taken advice on a potential counterclaim against Mr Christiansen and will continue to pursue those enquiries. However, in the meantime, the Management Team are also putting together the necessary documentation to appeal the bankruptcy decision. A final decision on whether or not to pursue the appeal will be made following further discussions with NASDAQ.

A further announcement in this respect will be made within the 14 day period for appeal.

Christopher J. Williams Chairman / Director Nuna Minerals A/S

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