General Discussions, page-8756

I much prefer comparing Reserves of Mining Projects, rather than comparing overall resources. Mineral Resources have no economic value until consideration of applicable factors have been modelled within a feasibility study to produce an Ore Reserve Statement. There are a plethora of reasons why projects with large resources, have minimal overall reserves:

- Located Too Far Underground
- Located in a Sensitive Area i.e. Heritage or Environment Exclusion area
- Resources kept inplace for mine stability
- Contaminated material (impurities) i.e acid sulphate soils
- Location of existing infrastructure, homes, communities etc
- Lithology not continuous (too complex to economically extract)
- Located near drinking water table

The above is but a small list of the +100's of different variables of why resources mean almost next to nothing. Comparisons of Mining Projects should always focus on Ore Reserves that have demonstrated economic value and are able to be extracted after consideration of the 100's of potential variables IMO

Siviour has demonstrated through the 2019/2020 studies the World's 2nd largest Proven Graphite Reserves (which could potentially be improved in the upcoming optimised DFS) will have to wait and see !