GemCorp Resources ApS

The Company's principal activities Weldome to our 2018 Annual Report.

NorthCapital Resources is a fully owned subsidiary of NorthCapital Gemstones ApS - a diversified North-European investment company.

The company's purpose is to operate as the group's projekt management company.

Development in activities and financial matters The Company's Income Statement of the financial year 1 January 2019 - 31 December 2019 shows a result of DKK and the Balance Sheet at 31 December 2019 a balance sheet total of DKK 13.500 and an equity of DKK 6.750.

The company's purpose is to operate as the group's projekt management company. Insecurity regarding recognition or measurement There is no material insecurity regarding recognition or measurement.

Exceptional circumstances No exceptional circumstances have affected recognition or measurement.

Insecurity regarding recognition or measurement There is no material insecurity regarding recognition or measurement.

Exceptional circumstances No exceptional circumstances have affected recognition or measurement.

The Group's Danish companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The total amount of corporation tax payable is stated in the annual report of GemCorp APS, which is a management company in relation to joint taxation. The Group's Danish companies are jointly and severally liable for Danish taxes in the form of income tax, royalties and interest tax. Any subsequent corrections to corporation tax and other taxes may result in the company's liability amounting to a larger amount.

No other contingent liabilities exist at the balance sheet date.

5. Collaterals and securities No securities or mortgages exist at the balance sheet date.