PROPRIETARY AND CONFIDENTIAL

INDEPENDENT REASONABLE ASSURANCEREPORTAsahi Refining USA Inc
LBMA Responsible Gold/Silver Sourcing Assurance Engagement
2-3 May 2023

1. REPORT SUMMARY
Implementing firm

RCS Global Ltd.
7 Wornal Park, Aylesbury, HP18 9PH, United Kingdom
contact@rcsglobal.com

Type of assessment

LBMA ISAE 3000 Reasonable Assurance Assessment

Refiner

Asahi Refining USA Inc.
4601 W 2100 S Salt Lake City, Utah 84120, USA

Assuranceengagement date

2 May 2023 – 3 May 2023

Assurance period

1 April 2022 – 31 March 2023

1. INTRODUCTION
We were engaged by Asahi Refining USA Inc (“The Refiner”) to provide reasonable assurance on its
Refiner’s Compliance Report for the year ended 31 March 2023.
The assurance scope consists of the Refiner’s Compliance Report.

2. REFINER RESPONSIBILITIESThe Compliance Officer of the Refiner are responsible for the preparation and presentation of theRefiner’s Compliance Report in accordance with the LBMA Responsible Gold Guidance Version 9and LBMA Responsible Silver Guidance Version 1 (the Guidance). This responsibility includes
establishing appropriate risk management and internal controls from which the reportedinformation is derived. The criteria identified by the Refiner as relevant for demonstratingcompliance with the Guidance are the activities described within the Refiner’s Compliance Report
and the Refiner’s Supply Chain Policy.

3. ASSURANCE PRACTITIONER RESPONSIBILITIESOur responsibility is to carry out a reasonable assurance engagement in order to express aconclusion based on the Refiner’s activities described within the Refiner’s Compliance Report.
Within the scope of our engagement, we did not perform an audit on external sources ofinformation or expert opinions, referred to in the Refiner's Compliance Report. Our assignment islimited to the historical information that is presented and does not cover future-orientedinformation.
The procedures performed depend on our judgment as assurance practitioners, including theassessment of the risks of material misstatement in the Refiner’s Compliance Report, whether due
to fraud or error. In making those risk assessments, we consider internal control relevant to thepreparation of the Refiner’s Compliance Report in order to design procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theinternal control of the Refiner.

LBMA Independent Reasonable Assurance Report V3.02

We conducted our assurance engagement in accordance with International Standard on Assurance
Engagements ISAE 3000 Assurance Engagements other than Audits or Reviews of Historical
Financial Information issued by the International Auditing and Assurance Standards Board and theguidance set out in the LBMA Responsible Sourcing Programme – LBMA Third Party AuditGuidance (the Audit Guidance).
This report has been prepared for the Refiner for the purpose of assisting the Compliance Officer inassessing the suitability of the assurance criteria, and hence the Refiner’s supply chain policy andmanagement systems and for no other purpose. Our assurance report is made solely to the Refinerin accordance with the terms of our engagement. We do not accept or assume responsibility toanyone other than the Refiner for our work, or for the conclusions we have reached in the assurance
report.

4. INHERENT LIMITATIONS
Non-financial information, such as that included in the Refiner’s Compliance Report, is subject tomore inherent limitations than financial information, given the more qualitative characteristics of thesubject matter and the methods used for determining such information. The methods used byRefiners to comply with the Guidance may differ. It is important to read the Refiner’s gold and silver
supply chain policy available on their website (https://www.asahirefining.com). Such information andmethods do not fall within the scope of the Audit Guidance, and we have not undertaken any
assessment in this regard.

5. INDEPENDENCE AND COMPETENCY STATEMENT
In conducting our engagement, we have complied with the applicable requirements of the Code ofEthics for Professional Accountants issued by the International Ethics Standards Board forAccountants.
In conducting our engagement, we confirm that we satisfy the criteria for assurance providers as
set out in out in the Audit Guidance to carry out the assurance engagement.
Without modifying our conclusion, we draw attention to the description of the non-compliance
identified. This relates to the supply chain due diligence procedures that are currently being
implemented at the Refiner to be in line with the Guidance’s requirements. The following nonconformance was identified:
The risk assessment methodology used by the Company is not fully aligned with the LBMA RGGV9.
The current methodology uses a weighing system to rate suppliers, which means that factors suchas country of origin can have a maximum impact of up to 30% of the total score, potentially leading
to medium or low risk rating for suppliers in CAHRA countries.

6. CONCLUSION
In our opinion, the Refiner’s Compliance Report and Country of Origin Annex for the year ended 31
March 2023, in all material respects, describes fairly the activities undertaken during the year todemonstrate compliance, and management’s overall conclusion contained therein, is in accordancewith the requirements of the Guidance.

LBMA Independent Reasonable Assurance Report V3.0

3

Signature

Assurance Firm

RCS GlobalDate

08 / 05 / 2023

City, Country

Berlin, Germany

LBMA Independent Reasonable Assurance Report V3.0

4

Contact RCS Global Groupfor more information:
contact@rcsglobal.com
All written content, graphics and photography
in this document have been produced
and are owned by RCS Global Ltd 2022.
All rights reserved.