Announcement PDF Corporate Directory Name of Company Secretary Kylie Anderson Address of Registered Office KGL Resources Limited Level 5, 167 Eagle Street Brisbane QLD 4000 07 3071 9003 Name and Address of Share Registry Link Market Services Limited Tower 4, 727 Collins Street Melbourne VIC 3008 Securities Exchange Listing Quotation has been granted for the unrestricted ordinary shares of the Company on all Member Exchanges of the Australian Securities Exchange. Page 1 | KGL Resources Annual Report 2023 Message from the Executive Chairman Dear Shareholders In 2023, KGL made significant progress in advancing the high-grade Jervois Copper Project in the Northern Territory towards a final investment decision. The company completed a Feasibility Study for the project in November 2022, which confirmed the project is technically robust and financially viable, with an initial estimated mine life of 11.5 years. However, global inflation, elevated fuel prices, labour shortages and supply chain constraints continue to impact all aspects of the Australian economy and mining particularly, creating uncertainty in operations and projects alike. KGL continued to progress optimisation studies to improve key project value drivers and identify opportunities for productivity improvements to support project financing options. This includes work on the mine plan to double the size of the mining equipment, which increases the mining rate, reduces labour requirements and capital expenditure, while delaying the need for development of the underground mine. Proposed process plant configuration enhancements will also reduce the amount of labour required on-site for construction and increase the annual processing rate. We are continuing to work with key contractors, each level of government and the local community to ensure we can deliver a cost competitive project, on time and on budget. Consistent with KGL’s dual track value creation strategy of progressing project development and growing the high-grade resource, KGL maintained a focus on growing the resource base to target an extension of mine life during the year, given the robust long-term outlook for copper prices. Drilling during the past 12 months successfully increased the Jervois mineral resource to 23.8 million tonnes at 2.02% copper, 25.3 g/t silver and 0.25 g/t gold (Cu Equivalent 2.3%). KGL continues to target near mine extensions along strike and at depth for Reward and Rockface, which has the potential to add considerable value for shareholders. The distinctive J-shape of the outcropping mineralised system has a strike length of some 12 km. The Jervois and Unca Creek deposits remain under-explored and highly prospective for high grade copper, gold and silver. Our understanding of the geological structures continues to grow and utilising state of the art exploration methods, our focus going forward will be on identifying additional high grade near mine extensions to the current resource. regard, KGL was pleased to announce in April 2023 the appointment of Brian Gell to the company as a non-executive director. Brian’s 40 years of industry experience will be of considerable value as KGL focuses on building an experienced team to progress the project along the development pathway Surging demand for copper – driven by the clean energy transition, together with supply challenges, has analysts forecasting a chronic shortfall in copper over at least the next decade. The major industrialised economies are increasingly recognising that copper is both strategic and critical to their economic and national security. It is also essential in modern technologies and in the decarbonisation and further electrification of the global economy, as part of the clean energy transition. They are also increasingly aware that dependence on foreign sources of critical materials creates a strategic vulnerability in their economy and military, in the face of adverse foreign government actions, natural disasters, and other events that could disrupt supplies. KGL is well positioned with necessary approvals to bring the high-grade Jervois copper project into production at a time when the world is expected to be faced with a chronic shortfall in copper, bringing opportunities for jobs and economic development to the Northern Territory and supporting the country’s strategic goals of building a globally competitive critical minerals industry. As always, I thank the Jervois stakeholders, in particular the Central Lands Council, the Bonya community, Lucy Creek and Jervois Station pastoralists and the Northern Territory government for their ongoing support. I’d like to thank our employees for their contributions over the past 12 months and look forward to moving the Jervois Copper Project along the development pathway and into production. And to our loyal shareholders, I thank you for your patience, confidence, and support of the company. Developing projects in this challenging environment requires an experienced team of professionals with a strong track record in mine development. In that Page 2 | KGL Resources Annual Report 2023 Denis Wood Executive Chairman Brisbane Dated: 21 September 2023 Operations Review KGL Resources Limited (KGL, the Company) has continued to progress the Jervois Copper Project (Project) development through the year ended 30 June 2023 whilst managing the impacts of several macroeconomic challenges, including a slowdown in global economic growth, falling equity markets, and a peak in global inflation, which continues to affect pricing and availability of raw materials, equipment, contractors, and skilled labour. The key milestones achieved during the year were:  Completion of Bellbird resource update, first published on the ASX on 14 September 2022. These resources were used in the feasibility study mine plan. Upgraded Jervois Copper Project JORC Resources of 23.8Mt for 481.2Kt Copper at 2.02% Cu, 19.3M oz Silver 25.3 g/t Ag and 189.6 koz Gold 0.25 g/t Au1.  Maiden JORC Measured Resource reported with resource categories within Bellbird deposit’s open pit mine design consisting of 85% Measured, 14% Indicated and 1% Inferred Resource.  Published the Jervois Copper Project Feasibility Study in November 2022, and using a long-term copper price of US$4.23/lb; the Project is expected to have a Net Present Value (NPV) (8% real, aftertax) of A$241 million, an Internal Rate of Return (IRR) of 20.7%, and a simple payback of 4.2 years.  Collaborated closely with primary preferred contractors to enhance the efficiency of the process plant and mining strategy. Facilitated contract discussions with these experienced providers, covering aspects of construction, mining, and ongoing operations.  Continued exploration drilling program for potential near mine extensions and preparation for Downhole-Electromagnetic (DHEM) surveys which commenced in August 2023. FEASIBILITY STUDY AND PRE-FID WORK STREAMS The current work streams include mine plan optimisation and negotiation of contracts with experienced contractors for construction, mining, and operations. The Company is also implementing a risk management plan which is critical to being able to meet delivery timelines and desired outcomes. Project commencement will be subject to market conditions but anticipated copper deficits and higher incentive prices for copper are likely to improve development options and returns to shareholders. EXPLORATION KGL is concentrating its exploration efforts on enhancing the high-quality deposit at the Jervois Copper Project, considering the projected ongoing shortage of copper in the coming ten years. The recent favourable outcomes from drilling at Marshall Deeps and Rockface highlight the possibility of enlarging the high-grade deposit. This expansion could lead to an extension in the Project’s lifespan, resulting in enhanced capital efficiency, increased cashflow, and improvements in the Jervois Copper Project’s internal rate of return. DOWNHOLE A summary of the Reserves and Resources for the Jervois Copper Project can be found on page 6 of the annual report. 1 Resource update reported to the ASX on 14 September 2022. Page 3 | KGL Resources Annual Report 2023 OPERATIONS REVIEW (CONTINUED) COPPER MARKET Global refined copper usage 60 50 Millions of metric tons The copper market is set to experience a significant surge in demand over the course of the next decade, due to an acceleration in the adoption of renewable energy, electric vehicles, and associated infrastructure which all require copper. A recent report by S&P Global estimates that demand for refined copper will double from 25 million tonnes in 2020 to around 50 million tonnes by 2035. This increase in demand is in line with global carbon reduction targets and the push towards a greener economy, as virtually all governments have committed to the broad-based adoption of electric vehicles, clean transportation, and net-zero electricity grids. 40 30 20 10 0 2021 2025 2030 2035 2040 T&D Auto and Solar PV Wind Battery 2045 Other 2050 Nonenergy charging storage power transition The International Energy Agency estimates the world demand will need 700 million tonnes of copper over the Note: Based on S&P Global’s Multitech Mitigation scenario; US values are adjusted to align with Biden administration’s net-zero ambitions. T&D = transmission and distribution; PV = photovoltaics; next 20 years to meet its Paris Agreement climate other power includes conventional generation (coal, gas, oil and nuclear), geothermal, biomass, waste, concentrated solar power, and tidal. Source: S&P Global analysis. ©2022 S&P Global goals.Countries are accelerating their adoption of clean energy alternatives to fossil fuels to reduce emissions, but also to target energy security, economic resilience (by reducing long-term energy prices) and to reindustrialise their ailing economies. Recent concerns over the security of supply chains support the European Union’s (EU) decision to add copper to its list of critical raw materials in an attempt to bolster supplies. The US 2022 Inflation Reduction Act, which has allotted $370 billion in tax credits and other incentives to derisk the green energy transition, and the RePowerEU Plan proposed by the EU aimed at rapidly decreasing the EU’s dependency on Russian fossil fuels highlight that energy in particular is now a matter of national security, as are the technologies and resources required to decarbonise. The longer-term prospects for copper are supported by global decarbonisation goals, ongoing Chinese demand, the emergence of India, and remilitarisation after Russia’s invasion of Ukraine. Copper intensity (the amount of copper utilised per unit of GDP) is also rising, indicating that society is becoming more copper-dependent. This trend is attributed to the shift towards greener technologies, which are highly copper-intensive. Renewable energy technologies are 4x to 10x more copper intensive than conventional energy production. In addition, the weather dependent and variable output of solar and wind power creates the need to install three times more megawatts for the same amount of energy produced. Copper intensity in green scenarios1 Copper use by generation type (tonnes/MW) Copper use by vehicle (kg/vehicle) 10 60 4 4 23 1 CONVENTIONAL ON SHORE WIND SOLAR PV OFFSHORE WIND 1 Roskill (2021), Wood Mackenzie (2021, IEA (2021). Page 4 | KGL Resources Annual Report 2023 INTERNAL COMBUSTION PLUG-IN HYBRID ELECTRIC VEHICLES However, this surge in demand is met with significant supply challenges. Declining grades and reserves from existing mines, a lack of new discoveries despite increased exploration budgets, an extended approval process of an average of 16 years from discovery to production and increased regulatory and political uncertainty in the two largest copper producing countries, Chile and Peru, contribute to these challenges. According to a study by Mining Intelligence, operating mines currently have an average grade of 0.53% while copper projects under development have an average grade of 0.39%. (Figure 1) The supply challenges are further compounded by the depletion of already low copper stockpiles. Copper prices have weakened in the first few months of 2023 as new supplies came online while Chinese demand remains subdued and amidst concerns about a global economic recession. However, copper is essential for the decarbonisation of the global economy and market analysts believe the current weakness in pricing is temporary. The positive outlook for copper prices in the longer term remains intact. Glencore plc’s CEO, Gary Nagle, stated that a “huge” copper shortage will impact global supply between now and 2030, with a projected cumulative gap between demand and supply of 50 million tonnes between 2022 and 2030. Goldman Sachs forecasts that copper could hit $10,500 a tonne in the near term before reaching $15,000 by 2025, also the view of Citigroup analysts.The development of the Jervois Copper Project is set to coincide with a significant surge in copper demand driven by the adoption of electric vehicles and renewable energy together with associated infrastructure with a chronic shortfall in copper forecast to occur over the next decade. (Figure 2) A significant increase in the incentive price for copper is required to attract the required investment in new supply to meet forecast demand. However, this is unlikely to be in time to address the chronic shortages in copper expected to occur from the second half of this decade. The recent softening in economic growth forecasts has likely further restrained investment in new supply. (Figure 3) Page 5 Grade (%Cu) 1 0.8 0.6 0.4 0.2 0 Source: Wood Mackenzie, Bernstein, G&R models Figure 1 Average copper grades of ore mined, 2005-2020 (Source: AME, company reports) 35,000 33,000 31,000 2030 LT gap: 8.1Mt 29,000 27,000 25,000 23,000 2021 2022E 2023E 2024E 2025E Global copper production 2026E 2027E 2028E 2029E 2030E Global copper consumption Source: Woodmac, Goldman Sachs Global Investment Research Figure 2 BHP estimates that copper potentially needs around US$250 billion of investment by 2030 to address the forecast increase in demand. Significant new supply needed beyond 2025... 40 Copper Demand (Mt) Rio Tinto Group’s copper division CEO, Bold Baatar, notes that long permitting times will create challenges for miners trying to respond quickly to the increased demand for copper. The development of brownfield projects takes years, and greenfield projects often take even longer. Accelerated alignment on permitting is required to address these challenges. 1.2 Potential supply gap in 2035 10Mt 35 30 25 20 15 10 2020 2025 2030 2035 Trend economic growth demand Renewable energy demand EV demand Copper supply (includes sanctioned projects) Additional electrical grid demand Figure 3 | KGL Resources Annual Report 2023 Reserves and Resources Table RESOURCE MINERALISED MASS Area Reward Open Cut Potential > 0.5 % Cu* Bellbird Underground Potential > 1 % Cu* Bellbird Rockface METAL Category (Mt) Copper (%) Silver (g/t) Gold (g/t) Copper (kt) Silver (Moz) Gold (koz) Indicated 3.84 1.80 39.4 0.31 69.1 4.9 38.2 Inferred 0.65 0.92 9.2 0.07 5.9 0.2 1.5 Measured 1.23 2.53 15.1 0.14 31.2 0.6 5.6 Indicated 1.26 1.45 9.1 0.17 18.2 0.4 6.8 Inferred 1.02 1.24 10.6 0.12 12.7 0.3 4.0 8.00 1.71 24.8 0.22 137.1 6.4 56.1 Sub Total Reward GRADE Indicated 4.78 2.12 42.6 0.45 101.6 6.6 69.2 Inferred 4.32 1.56 19.6 0.20 67.3 2.7 27.8 Indicated 0.33 2.33 19.8 0.14 7.8 0.2 1.5 Inferred 2.84 2.09 12.3 0.11 59.1 1.1 9.7 Indicated 2.80 3.37 21.4 0.23 94.3 1.9 21.1 Inferred 0.73 1.92 19.0 0.18 14.0 0.4 4.2 15.80 2.18 25.5 0.26 344.1 13.0 133.5 Measured 1.23 2.53 15.1 0.14 31.2 0.6 5.6 Indicated 13.01 2.24 33.3 0.33 291.0 13.9 136.9 Inferred 9.55 1.67 15.7 0.15 159.0 4.8 47.1 23.80 2.02 25.3 0.25 481.2 19.3 189.6 Sub Total TOTAL Refer to ASX releases for resources update – 14 September 2022 * Cut-off grades: 0.5% Cu above 200m RL, 1% Cu below 200m RL; Note: 200m RL is 150m below surface. Due to small rounding errors, table may not add. RESERVES Reward Open-Cut Probable Reserve Ore (Mt) Cu grade (%) Cu (kt) Au (g/t) Au (koz) Ag (g/t) Ag (Moz) 2.34 1.73 40.6 0.34 25.7 38.5 2.9 Reward Underground Probable Reserve 1.82 2.30 41.9 0.64 37.6 30.2 1.8 Marshall Underground Probable Reserve 2.98 1.57 46.7 0.23 21.6 43.2 4.1 Bellbird Open-cut Proven Reserve 1.40 2.07 29.1 0.12 5.2 12.3 0.6 Probable Reserve 0.44 1.12 5.0 0.06 0.9 5.9 0.1 Reserves Total 1.84 1.84 34.0 0.10 6.1 10.8 0.6 Bellbird Underground Probable Reserve 0.43 1.77 7.7 0.09 1.2 14.2 0.2 Rockface Underground Probable Reserve 2.31 3.26 75.3 0.23 17.0 21.3 21.3 Proven Reserve 1.40 2.07 29.1 0.12 5.2 12.3 0.6 Probable Reserve 10.33 2.10 217.1 0.31 104.0 32.1 10.7 RESERVES TOTAL 11.73 2.10 246.2 0.29 109.2 29.8 11.2 Quantities and grades in the above table may not add exactly due to rounding or weighting. COMPETENT PERSON STATEMENT AND COPPER EQUIVALENT CALCULATION The Jervois Resources information were first released to the market on 14/09/2022 and complies with JORC 2012. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The Jervois Reserves information were first released to the market on 10/11/2022 and complies with JORC 2012. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Page 6 | KGL Resources Annual Report 2023 Copper Equivalent Calculation CuEq = Cu grade + [((Ag price x Ag rec) / (Cu price x Cu rec)) + ((Au price x Au rec) / (Cu price x Cu rec))] RECOVERY MARKET CuEq % % PRICE METAL GRADE UNIT Cu 2.02 % 92.2 $8,388 2.02 Cu Recovery % 92.20% Ag 25.3 g/t 71.3 $23.42 0.18 Ag Recovery % 71.30% Au 0.25 g/t 51.2 $1,942 0.10 Au Recovery % 51.20% CuEq 2.30% 2.30% Cu Equiv June 2023 monthly average prices. Metallurgical recoveries were first released to the ASX on 10 November 2022 as part of the Feasibility Study. “Metallurgical recoveries are based on data sourced from over a dozen metallurgical programs undertaken between 2012 and 2022. The most recent metallurgical test work focussed on locked-cycle testing to update and improve metallurgical algorithms. The metal recovery algorithms developed, combined with the production schedule, forecast an average metal process recovery of 92.2% for copper, 71.3% for silver and 51.2% for gold. These recoveries for silver and gold have been applied to the CuEq.” It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Tenement Map and Holdings The Company’s current tenement holdings cover over 600km2 including 19.5km2 Jervois Mining Leases, 37.9km2 Jervois Exploration Licences and 72.7km2 Unca Creek Exploration Licence. * TENEMENT NUMBER PROJECTS BENEFICIAL HOLDING EXPIRY ML 30180 Jervois Project, Northern Territory 100% 27/01/2034 ML 30182 Jervois Project, Northern Territory 100% 25/03/2034 ML30829 Jervois Project, Northern Territory 100% 17/08/2032 ML 32277 Jervois Project, Northern Territory 100% 17/08/2032 EL 25429 Jervois Project, Northern Territory 100% 01/02/2023 EL 30242 Jervois, Northern Territory 100% 25/11/2022 EL 28340 Yambah, Northern Territory 100% 03/07/2023* EL 28271 Yambah, Northern Territory 100% 05/04/2023 EL 28082 Unca Creek, Northern Territory 100% 29/12/2023 Renewal documentation has been lodged 16 June 2023 Page 7 | KGL Resources Annual Report 2023 Tenement Holdings JERVOIS PROJECT TENEMENTS Page 8 | KGL Resources Annual Report 2023 Sustainability KGL has recently published its 2023 Sustainability Report, marking the Company’s commitment to releasing such reports periodically, reflecting activities across the reporting period. The report encompasses the operations and strategies of KGL and its major wholly owned subsidiaries, which include Jinka Minerals Ltd and Jervois Operations Pty Ltd. KGL is dedicated to enhancing its sustainability reporting framework, as detailed in the report. Each year, the Company will gather, analyse, and publish data to demonstrate advancements made in alignment with sustainability objectives and goals. Concurrently, KGL aims to harmonise its sustainability and Environmental, Social and Governance (ESG) reporting methodology with pertinent international standards and models suitable for a company of its scale, particularly as it progresses through the phases of project construction and operation. Progress achieved in the reporting period encompasses: • KGL’s persistent emphasis on health and safety, achieved through vigilant monitoring, continuous updates, and effective controls of its operations. The welfare of its workforce remains paramount, with a strong focus on their safety and health. Page 9 • • • • • Ongoing interaction with key local stakeholders and site visits to ascertain pivotal sustainability aspects relevant to both the community and the business. This includes refining the initial set of overarching sustainability goals, targets, and performance metrics. The Company’s sustained support for local community events, exemplified by participation in the sponsorship of the Harts Range races, along with facilitating the travel of two Bonya community athletes to Darwin for state-level championships. Reiteration of the Company’s dedication to employing local personnel and engaging local businesses, leading to an increase in the local workforce during the year. Active management of environmental responsibilities and compliance with reporting mandates outlined in KGL’s approved Mining Management Plan. Furthering of KGL’s commitment to reduce the Jervois Copper Project’s carbon footprint, through the introduction of a wind study LiDAR trailer at the Project site during the year. KGL’s development trajectory involves the integration of sustainability as a foundational business practice, signaling the transition from an exploration-focused entity to a full-fledged developer. | KGL Resources Annual Report 2023 Corporate Governance Statement as at 30 June 2023 In the last 12 months, KGL Resources Limited (KGL, the Company) has been focused on consolidating the Project fundamentals of the Jervois Copper Project with the aim of advancing the Project to Final Investment Decision. During this time, there have been a number of changes at both the Board and executive level. Over the years, the Company has developed a strong corporate governance framework representative of the size and stage of development of the Company, which have been detailed in previous corporate governance statements. The current size and composition of the Board has resulted in some changes to the way that governance matters are dealt with but the Board considers this appropriate for the development status of the Company. The Company has been undertaking a recruitment search for appropriately qualified persons to fill the Chief Executive Officer position and to add independent directors to the Board. LAYING SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT THE BOARD CHARTER The over-riding responsibility of the Board, as set out in the Board Charter, is to act honestly, fairly, diligently and in accordance with the law in serving the interests of the Company’s shareholders, as well as its employees and its customers. The Board should work to promote and maintain an environment within the Company that establishes these principles as basic guidelines for all of its employees and representatives at all times. • • • • • • determining and approving the levels of authority to be given to senior executives in relation to operational expenditures, capital expenditures, contracts and authorising any further delegations of those authorities by senior executives to the other employees of the Company, approval of corporate strategy, financial plans and performance objectives, reviewing, ratifying and monitoring systems of risk management and internal control, codes of conduct and legal compliance, monitoring occupational health, safety and environmental performance and compliance, and ensuring commitment of appropriate resources, evaluating, approving and monitoring major capital expenditure, capital management and all major corporate transactions, including the issue of securities of the Company; and approving all financial reports and material reporting and external communications by the Company. To effectively carry out its responsibilities, the Board delegates all other functions to the Executive Chairman. Management, led by the Executive Chairman, is responsible for running the affairs of the Company under delegated authority from the Board, and implementing the policies and strategies set by the Board. The Executive Chairman must report to the Board in a timely manner and ensure all reports to the Board present a true and fair view of the Company’s financial position and operating results. A copy of the Board Charter can be found on the Company’s website www.kglresources.com.au. The Board Charter is reviewed at least every two years to ensure it is in line with the legislative and regulatory requirements and leading practice. More specifically, the role of the Board is to provide strategic guidance for the Company and to effectively oversee management of the Company. NOMINATION AND APPOINTMENT OF DIRECTORS The Board Charter sets out the Board’s responsibilities as: Before a director is appointed, the Board undertakes appropriate evaluations including in-depth interviews and reference checks. All members of the Board are given the opportunity to interview the potential appointee. • • overseeing the Company, including its control and accountability systems, appointing and removing senior executives and monitoring their performance, Page 10 Where a director is standing for election or reelection, the Notice of Meeting, including the | KGL Resources Annual Report 2023 Explanatory Memorandum, will set out information on the director including qualifications and experience, independence status and the recommendation of the rest of the Board on the resolution. A statement as to whether the Board supports the election/re-election of each director standing for election is provided. Additionally, a detailed profile for each director is included in the Company’s Annual Report. TERMS OF APPOINTMENT FOR DIRECTORS AND EXECUTIVES Each director executes a Letter of Appointment with the Company prior to appointment as a director. The Letter of Appointment covers the following key terms: • • • • • performance requirements in terms of Board meetings and matters under consideration, key responsibilities and powers as detailed in the Board Charter, conditions of continuing in the role of director, membership of committees, remuneration, consideration of independence; and • ability to seek independent advice. • A separate Deed of Insurance and Indemnity is executed by each director. Details of each director’s and key management personnel’s employment terms and conditions are also provided annually in the Remuneration Report as part of the Directors’ Report. Details of the Executive Chairman’s remuneration package were detailed and disclosed in an ASX announcement on 22 October 2022. All other executives are employed under an employment agreement which sets out the employment terms, duties and responsibilities, remuneration details and the circumstances under which employment can be terminated. COMPANY SECRETARY The company secretary reports solely to the Board and communication between the directors and the company secretary is open and unfettered. The company secretary advises the Board and its committees on governance matters, attends and takes minutes at all Board meetings, communicates with the ASX and ASIC on all regulatory matters, monitors adherence to Board policies and procedures and retains professional advisors at the Board’s request. Page 11 DIVERSITY POLICY The Company believes in equal opportunities for all of its people and recognises that its business benefits from the diversity of its people. The Company has a Diversity and Inclusiveness Policy and is committed to developing a diverse and inclusive workforce and providing a respectful environment free from discrimination. The Company believes that recruitment and promotion of people should be based on merit, regardless of race, gender or gender orientation, age, relationship or family status, disability, sexual orientation, nationality, political or religious beliefs, or any other factor not relevant to an employee’s competence and performance. The Company is focused on eliminating bias in all its forms. No form of unlawful discrimination will be tolerated.