ADVISORY BUSINESS Arias Resource Capital Management LP ("ARCM" or "Investment Adviser") is a Delaware limited partnership that was formed on April 25, 2007. The general partner of the Investment Adviser is Arias Resource Capital GP LLC, which is controlled by J. Alberto Arias (the "Principal"). The Investment Adviser provides investment advisory services for Arias Resource Capital Fund II L.P. ("Fund II") and Arias Resource Capital Fund II (Mexico) L.P. ("Fund Mexico" and together with Fund II, the "Clients"). Fund II is a Cayman Islands exempted limited partnership, Fund Mexico is an Ontario, Canada limited partnership that was formed as a parallel fund to Fund II. The general partner of Fund II and Fund Mexico is Arias Resource Capital GP II Ltd. (the "General Partner"). The General Partner is controlled by the Principal. ARCM's office is located at 201 S. Biscayne Blvd. – 28th Floor, Miami, Fl 33131-4332 USA. The General Partner's facilities are provided by ARCM. The Investment Adviser provides investment advisory services, including, without limitation, services related to the identification, acquisition and management of investments for the Clients pursuant to investment management agreements (each, an "IMA") entered into by and between the Investment Adviser and the individual Client in accordance with the terms of the individual Client's limited partnership agreement ("LPA") and confidential private offering memorandum ("PPM"). While the Investment Adviser provides advisory services to the Clients, it does not have investment discretion over the Clients' assets. Rather, the General Partner of the applicable Client has sole investment discretion with respect to such Client's investments. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Clients are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended, and other exemptions of similar import under U.S. state laws or the laws of other jurisdictions where any offering may be made. Investors in the Clients generally must be both "accredited investors", as defined in Regulation D, and "qualified purchasers", as defined in the Investment Company Act of 1940, as amended. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Clients described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. As of the date of this Brochure, Fund II and Fund Mexico are closed to additional capital commitments. ARCM, on behalf of its Clients, pursues investments in

metals and mining companies that ARCM believes have quality mineral assets, a developed infrastructure, and an attractive exploration potential that has not yet been uncovered primarily due to capital constraints. Please see Item 8 for a more detailed description of ARCM's strategies. The descriptions set forth in this Brochure of specific advisory services that the Investment Adviser offers to Clients, and investment strategies pursued and investments made by the Investment Adviser (or the General Partner) on behalf of Clients, should not be understood to limit in any way the Investment Adviser's investment activities. The Investment Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Investment Adviser considers appropriate, subject to each Client's investment objectives and guidelines. The investment strategies the Investment Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any Client will be achieved. The Investment Adviser's investment decisions and advice with respect to each Client are subject to each Client's investment objectives and guidelines, as set forth in its offering documents. The Clients or the General Partner from time to time enter into letter agreements or other similar agreements (collectively, "Side Letters") with investors in the Clients which provide for, different or additional terms than those set forth in the LPA of the applicable Client. The Clients and the General Partner generally enter into Side Letters with investors without providing prior notice to, or receiving consent from, other investors. The terms of such Side Letters will be determined by the General Partner in its sole discretion. Existing Side Letters provide, among others, for certain information or disclosure rights, governance-related rights, rights related to the tax or regulatory status of investors, transfer rights and "most-favored nation" rights. As of December 31, 2023, the Investment Adviser managed approximately $177,000,0001 (aggregate market value of the Clients' assets including committed capital not yet called) in respect of which the General Partner has full investment discretion. As of the date of this Brochure, the Investment Adviser manages no Client assets in respect of which neither the Investment Adviser nor the General Partner has full investment discretion. 1 Rounded to the nearest $100,000.