Ann: Drilling Confirms Discovery of Large Cu-PGE Sulphide Reefs, page-188

Hello. To add, at current prices, it appears Nebo-Babel will produce around A$102 per tonne of ore in revenue compared to A$34.40 per tonne of ore in operating costs. The OZL PFS has respective copper & nickel recoveries of 78% & 69% for respective production of around 28.000 & 22,000 tonnes of copper & nickel metal. Around 59% of the revenue will come from the nickel. TM1 has no nickel.

The Nebo-Babel copper grade is 0.36% compared to TM1 possibly an average of 0.24%.

Adding platinum, the TM1 copper & platinum at current prices at 78% recovery may possibly be worth AUS$50/tonne of ore.

However, it appears mining these skinny reefs may be more costly plus it appears vanadium & titanium are inherently costly to process.

Again, these skinny reefs appear not comparable to Nebo-Babel in any way, shape or form.