Ann: Drilling update No.16 - Agbaja Iron Ore Expl, page-9

re: Ann: Drilling update No.16 - Agbaja Iron ... The SG is obviously a signifcant variable - it could range anywhere from 2.1-3.5, so I have simply taken the median. Across the 15 sq km field, a change in SG of 0.1 equates to about 27Mt at the current depth average (18.14 metres).

The extended area (about 1 sq km) came about because of the wet season, as it is more accessable than the central/west. I would think there is some chance they will drill-out and include the remaining 27 holes there into the maiden JORC estimate.

Regardless, enough drilling has been done to get the tonnage well above the inital 400Mt feasibility target and probably a lot closer to 500Mt depending on the SG and what cut-off grade (if any) they wish to use.