Ann. out - Exception high grade intersection, page-65

Completely wrong. Reporting of mineral resources is totally different to reporting of drill results and cut-offs mean totally different things. SYR didn't use cut-offs for reporting drill results. Drill results, and I mean all of them, are used to estimate the average grades of blocks. Put simply, contiguous blocks are assembled until you reach zones with blocks near the cut-off grade. The cut-offs for the high grade zones are more than 13% but the TGC for the whole of the zones (assembled blocks) is more. Within the resources there are blocks with low TGC and high TGC. Using cut-offs for resource estimation is conservative and a high cut-off is a very impressive. The opposite applies to using cut-offs for reporting of drill results. However, I still think there could be substantial upside once more is known about the northern prospects. TON should be able to build up to a fairly high production using many smaller pits if the northern prospects are at least as good as the southern