Ann: Resource Upgrade and Sekoko Agreement , page-39

I have calculated as follows:

2.8b shares @ 3.5c = market cap $98m

Resource 1.12b tonne + 629 million tonne = 1.74b tonne. FSE share 60% = 1.044b tonne

= implied inground value of 9.4c per tonne.

Similar value to RSE resource by the look of it.

The key question is will FSE get up and running and when. Now have experienced management and seem to be ticking the boxes, albeit slowly, and have stated they will commence mining on a small scale within 6 months.

I will continue to hold as there seems to be plenty of upside here.