Logistics process

Phase 1 - The precious metal is shipped to Valcambi through a shipping agent in co-ordination with the Client.

Phase 2 - As soon as the Advised Information is available Valcambi's Sales department will contact the Client's Representative to agree on the date and time on which weighing, melting and sampling operations shall take place, provided that the Client has exercised its right to be represented.

Phase 3 - Upon receipt of the shipment at its premises Valcambi shall immediately inspect the boxes/containers/parcels.

Phase 4 - Each shipment shall undergo the radioactivity check. Should it be positive, the carrier will not be allowed to unload the material and the shipment will be rejected.

Phase 5 - If any of the boxes/containers/parcels are damaged or any of the seals on the boxes/containers/parcels are broken, Valcambi shall immediately inform the Client about the extent of the damage to the boxes/containers/parcels or to the seals, and request approval to proceed with the weighing, melting and sampling operations. Pending the approval of the Client, the shipment shall be safely stored in Valcambi’s vaults. Should non-conformities occur, depending on the process step (during unloading or upon acceptance of the delivered material) the Logistics department will segregate the material in the vault and wait for further instructions from the Sales department.

Phase 6 - Valcambi's Logistics department shall verify that the received parcels are in full compliance with the details reported in the Advised Information, such as:

• Name of Client/Sender/Consignee
• Number of packages or boxes
• Gross weight of packaging, bags and bars
• Number of bags and bars
• Total net weight of each bag and bar
• Total estimated fine metal content of the shipment (per each metal) in troy ounces as per Client's assays
• Certified copy of Client's assays in respect of the shipment evidencing the fine metal content estimates
• Name of the Client’s Representative at the weighing, melting and sampling operations, if one is designated
• Other information relating to the shipment as Valcambi may reasonably request

Once the Logistics department has checked, verified and approved the incoming material, the material is then moved to the Balance Room, arranged as per Client’s requests/instructions.

In the case of shipments requiring Client’s supervision by a Representative, the parcels are either temporarily stored in Valcambi’s vault or directly moved to the Balance Room (sealed) where they are checked, opened and unpacked under the presence and control of the Client’s Representative.