Ann: Appendix 4D and Half Yearly Report and Accounts, page-10

The drilling results from Nifty which we know contain a bunch of good high grade intersections, way better than what was being mined, are not included. Perhaps this will be the subject of a separate release as this one covers the historical half year, not subsequent events.

The China crash resulting from Corona virus and the trade dispute is affecting tin prices, but half of this is insured against in the 50% hedging. The lower Oz dollar is helping too. It looks like they wanted to get all of the bad stuff out and over with in this report.

It has been built into the price anyway, to the point of being very oversold. From here on I would be expecting a series of more positive announcements, especially when Area 5 comes on line, approaching midyear, behind schedule. The low grade stockpile which pushed up per ton costs of processing should be exhausted. Even in a relatively bad market, the net from tin production should be rising fast, a better result than for any other tin miner in the world, I suspect.

it is not going under any time soon, and a possible big cash surprise is anticipated, from Nifty and or the Paterson exploration leases.

It could be a good time to average down, for long term holders who know the big picture. It will not take much for the price to double in the next six to twelve months, with a potential for a lot more than that in the second half of the calendar year.

The brokers who watch it would seem to think that way also.