Ann: Major EM Targets Identified and Mulga Tank Ni-Cu-PGE Project, page-21

It is interesting to calculate what the equivalent grade and value per tonne might be. If we assume a large body of 0.2% Ni with 0.25 g/t Pt+Pd (80% Pd).

$18 Pd + $6.8 Pt + $90 Ni based upon $45,000 per tonne = $114.8/t = 1.4 g/t Au = 0.94 % Cu

200m or more at 1.4 g/t or 0.94% Cu sounds alright to me.

If Nickel is $25,000 per tonne then the value with Pt+Pd credits is $74.8/t = 0.95 g/t Au = 0.61% Cu this still sounds pretty good to me over 200m. This does not include copper credits which we know exist but not enough data to guesstimate.

I am probably more excited about hitting a 200m thick ore zone with 0.2-0.4% Ni plus Cu and Pt+Pd credits than more 1m and 2m 1-2% Ni intercepts. If there is a sweet spot where the 1-2% Ni zone thickens to 10m or so then that would be great. All possible, who knows. Don't you just love exploration.

DYOR. Not investment advice.

Previous intercepts:

264m @ 0.2% Ni near the SW conductor and 214m @ 0.2% Ni near the NE conductor.

Various other intersections in historic drilling include:

• 2m @ 2% Ni from 67m ending in mineralisation in MRC09.
• 1m @ 1.12% Ni and 0.45 g/t Pd in MTD003.
• 1m @ 1.95% Ni and 0.21 g/t Pt+Pd and pXRF spot readings to 9% Ni in MTD011.
• 0.75m @ 0.85% Ni, 0.35% Cu and 0.28 g/t Pt+Pd in MTD004