Ann: Further Excellent Metallurgical Test Results, page-5

re: Ann: Further Excellent Metallurgical Test... here are some comparisons ,

Valuations

Aki , Exarro paid $313m in total for ,The Mayoko Project, in which African Iron holds a 92% interest and Ngoubou-Ngoubou Prospect which African iron holds a 85% interest , Aki had probably 15m cash left , 100% of projects values them around $350m so enterprise value was $335m at time of takeover.

Eqx current market value around $290m , cash around $95m , enterprise value $195m , 100% ownership of all projects.

Quality

"The DTR results from Mayoko-Moussondji compare very favourably with a selection of peer magnetite deposits,
as summarised in Table 4. In particular the mass recovery to concentrate is exceptional and, if replicated in a full-scale magnetite processing plant, would represent significantly higher production of magnetite concentrate from each tonne of ore processed when compared to the majority of the peer deposits. The grind size of 63µm required to produce a quality concentrate also compares favourably with other deposits, in particular those from Western Australia."

African iron 39.3-42% magnetite mass recovery , Equatorial 49.9% magnetite mass recovery

From what i have seen in the announcements the DSO and bDSO from equatorial drill results so far are up to 5% higher in iron content than African iron.

Exploration target

African iron

exploration target size 1.6 to 2.6 billion tonnes at 30-65% Fe. 300-500 Mt at 40-65% Fe represents potential DSO and bDSO

Current JORC

The Mayoko Mineral Resource now comprises an Indicated and Inferred hematite DSO component of 44Mt at 55% Fe and an
Inferred bDSO component of 77Mt at 41% Fe

Equatorial (not including Badondo)

Exploration Target at Mayoko-Moussondji Iron Project with a range between 2.3 to 3.9 billion tonnes of iron mineralisation at an expected grade of 30% to 65% Fe.

The global Exploration Target is the combination of five main prospects over 46km of anomalous strike and is comprised of:

Potential enriched "hematite cap" iron mineralisation estimated to range between 500 to 900 million tonnes* at a grade of 40% to 65% Fe; and
Primary magnetite Banded Iron Formation (“BIF”) mineralisation estimated to range between 1.8 to 3.0 billion tonnes* at a grade of 30% to 45% Fe.

No Current JORC , initial one expected soon i believe.

Infrastructure wise they are both close to rail line , Equatorial 500m , African Iron 2kms.