The Electrum Group LLC (the “Adviser”) is a Delaware limited liability company formed in 2011 with a principal place of business in New York, New York. The Adviser is wholly-owned by TEG Services Holding Inc., a Delaware corporation which is ultimately majority-owned by trusts organized by or for the benefit of Mr. Thomas S. Kaplan and/or his family (“Kaplan Family Trusts”). The Adviser is controlled by its board of directors which includes Mr. Kaplan. The Adviser is also indirectly minority owned by certain third party investors, whose investments the Adviser manages through Electrum Global Holdings L.P., a private fund that is a Cayman Islands exempted limited partnership majority-owned by Kaplan Family Trusts (the “Electrum Client”). As of March 2015, the Adviser provides investment advisory and related services to Electrum Strategic Opportunities Fund L.P., a Cayman Islands exempted limited partnership, and its feeder fund and Electrum Strategic Opportunities Fund II L.P., a Cayman Islands exempted limited partnership, and its feeder fund (collectively, “ESOF”). ESOF’s General Partners (the “ESOF GP”), as well as the investor satisfying the sponsor’s percentage-of-assets funding commitment (the “Sponsor Commitment”), are affiliates of the Adviser owned by the Electrum Client. The Electrum Client also in the future may invest directly or indirectly alongside ESOF through a formulaic co-investment program, as more fully described in ESOF’s applicable amended and restated agreement of limited partnership. The Electrum Client, together with ESOF and any future client of the Adviser, are referred to herein as “Clients.” This brochure is not an offer to invest in any of the Clients. Any such offer may be made only through such Clients’ confidential private offering materials. Information included in this brochure is intended to provide a useful summary about the Adviser and is qualified in its entirety by information included in the Clients’ confidential private offering materials. The Adviser manages each Client’s account(s) in accordance with, and subject to, its investment

objective, strategies, restrictions and risk levels as described herein and in accordance with its private offering materials. Electrum’s primary investment objective is to strive to attain after-tax returns by making strategic and generative investments in the natural resources sector, targeting assets that provide leverage to the resource cycle. Please refer to Item 8 of this brochure for additional details related to Electrum’s investment strategies and related risks. Advisory services include investigating, analyzing, performing due diligence, structuring and negotiating potential investments, monitoring the performance of investments, advising as to disposition opportunities and otherwise providing investment advisory, research and administrative services. Certain supervised persons of Electrum serve on the boards of directors of companies in which its Clients invest and assist those companies with strategic planning and maximizing shareholder value. Investments made by the Adviser in the natural resources sector are generally sourced, and are investigated and monitored, by Mr. Kaplan and the Adviser’s investment personnel (“Investment Personnel”), and with input and assistance from exploration personnel who provide services to the Adviser and who are acting pursuant to the Investment Personnel’s supervision and direction (“Exploration Personnel”). The Adviser may engage such non-discretionary investment subadvisers as it considers advisable from time to time to consult with the Investment Personnel with respect to securities investments for the Clients, subject to the Adviser’s supervision and direction. The Adviser also offers business advice, research and administrative services, as well as resource-specific expert services, technical analysis and related services on a fee-basis to companies in which the Electrum Client has existing investments and, in the future, may offer such services to others. The Adviser manages Client assets in the amount of $1,725,252,289 on a discretionary basis, valued as of December 31, 2023. The Adviser does not engage in wrap fee programs.