Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-315

Very few ppl know the actual numbers and merits of Opuwo.

To me, it's a case of perpetually trying to release the best looking data to avoid disappointing the market, but not quite getting things ready in time for self-imposed deadlines (maybe those deadlines are the issue really?)

- SS1 gets held back because it looks highly likely roasting process methods will outperform (financially) the already-prepared autoclave methods. We need time to explore roasting processes for Opuwo ore, delay SS release.

- SS2 gets released slightly incomplete for ASX regulations. why? Because we've recently drilled our best ground by far, and the carry over from SS1 has a base case of underground. The western zone looks good for open-pit, and some vastly improved metrics again, so let's try get that data into SS2, best foot fwd and all. Uh oh! ASX says no thanks, need that area JORC'd before you can base numbers on it. Release a patchwork SS because the market won't tolerate another delay, go back to the drawing board.

- SS3 - to be released once western area and general JORC upgrade is done. These are the final numbers on which we should base an investment decision, and might only arrive in-full with a PFS. I expect some transparency on these well before July 2019.

holding long until then, with JV news, JORC upgrade, skytem, more drilling to come, plus a marketing campaign.