Ann: 2018 PFS Roadshow Presentation, page-48

Jens,

It’s probably best not to comment on matters relating to the JORC Code if you have no knowledge or experience with it. BGS has converted a portion of its Indicated Mineral Resource to a Probable Ore Reserve, exactly as it should be under JORC, and as shown in your diagram above. During the BFS it would be expected that a portion of the Indicated and Inferred Mineral Resource would be upgraded to a Measured Mineral Resource, and then at that time a Proven Ore Reserve would be declared based on that.

Aside from the unfortunate typo, it’s a great presentation, I’m sure you’ll agree?

Well done to management.