Ann: TopTung's New Nickel-Copper Sulphide Focus Presentation, page-24

SGQ pXRF have generally been quite accurate compared to the assayed value on a individual sample interval basis. What SGQ tend to do though is only present the pXRF values for the massive sulphide intervals first (ultra high grade), then when assays come in they will report the full mineralised interval above a set cut-off. This includes low grade disseminated mineralisation on each side of the massive sulphide intervals and any internal lower grade intervals resulting in a lower assayed grade (but wider width) to the pXRF. It is not an apples with apples comparison.

SGQ grades are still much higher than TTW. SGQ Ni only is around 5%. TTW Ni only is around 2%, but they tend to report Ni equivalent which gets them to around 3% Ni equivalent. SGQ reports associated metals Cu, Au, PGE seperately.

That’s not to say TTW results are poor as they aren’t, SGQ’s grade is exceptional (width and continuity are the issue for them). TTW still looks undervalued given results and cash.