Ann: Fungoni Mining Licence Application Update, page-17

I've been trying to compare Coburn with Thunderbird, it's difficult with the variable forms of data that the companies release (and promote or downplay depending on what they have...).

Sheffield has a far bigger insitu resource, and higher in-stu grade, which are the most obvious advantages they have, and yes these are of course important.

But Coburn also has many advantages that the market seems to be ignoring:

• Very high heavy mineral (HM) assemblage zircon, chloride grade ilmenite and HiTi (much higher than Thunderbird)
• Very high VHM composition of the HM (much higher than Thunder)
• Mineral with low impurities/contaminants (possibly better than Thunder)
• Very low 'slimes content' resulting in low slime handling cost (much lower than Thunder)
• Very low 'strip ratio' (better than Thunder)
• Key project approvals already in place including environmental, native title, heritage & mining proposal
• Lower capex than Thunder
• Etc etc.

Good luck long-term GUN/STA holders, things are on the up