Ann: Drill Results Confirm Major Extension Potential at Makuutu, page-12

Hi Mate,

Will take me a little longer to review in entirety but these grades are in line with our current results.
In fact it's generally thicker than most area's - comparative to our central area which is obviously very very good.

It's worth noting that spatially these drills are in area over 1km away. So there may very well be areas of 1000ppm plus in there. Irrespectively, even on say area L is around 4km x 3km. = 4000 x 3000 x 10m depth = 120M^3 of material. At 500ppm its around 240,000 contained REO alone.



Look at area I as comparison. Can almost fit 3-4 of those in the tenement next door and it's thicker. Probably 300mT+ in that eastern tenement.

IMV this announcement essentially says we can double our current resource. Would probably make it the largest ionic clay deposit globally once done.

"The Company will move to 60% ownership of Makuutu on the completion of the Feasibility Study and has a pre-emptive right over the remaining 40% stake in the Project. "

Liked this comment above too.

Will pull the drill data and perform a little more detailed work on the estimate along with the concentrate value given the HREO content.

SF2TH