Ann: Drilling Continues to Expand Mineralisation at Opuwo, page-11

Zinc grades look to be improving towards the west.

- Average intersection from recent results is 5.27m
- Intersection weighted Cobalt grade of 0.125%
- Intersection weighted Copper grade of 0.472%
- Intersection weighted Zinc grade of 0.607% (this is almost 50% higher than JORC)

Based on current prices of $64,000/t, $5,720/t and $2,410/t this works out to be a CuEq of about 2.13%.

It's hardly shabby in grades in my opinion especially since we know we are getting 90% plus recoveries on all 3 metals.

We know from recent announcement it will be low temp and pressure processing, acid use should be low due to sulphide ore.

We have always known mining costs will be a big contributor.



One last note. Does anyone remember slide 21 of the ADU presentation? It had infill and extension resource drilling program with an *. The * note was assuming positive scoping study.

Now this announcement Brendan says works programs largely complete and he is planning drilling. Hmmm