Ann: Activities Update, page-62

No use doing all that work to recover the 8 metals in the remaining 2.5 tonnes if you don't know the grade of the original sample because you won't be able to calculate the recovery.

All that splitting and recombining and crushing is done to ensure the sample is homogeneous before taking representative sub-samples for grade determination (assaying) and met testwork.

A few takeaways looking at this:-

• Have they already got or about to finalise an assay method "chemical analysis"? Maybe the data from the pilot plant will be used to validate the assay method. Seems like an ideal opportunity. It would explain what they meant by "parallel testing" on page 1;

• They're doing pyromet tests (of coarse samples and pellets) but I reckon they'll stick with the preferred hydromet initially. Maybe they will include a pyromet circuit at a later stage;

• Pyrometallurgical test work was initiated last week (week commencing March 8) so we could see some data (assays?) for the first 5 coarse samples very soon;

• Chemical analyses performed at every stage will give us lots of grade data (assays and pyromet results) ;

• The final five 12kg samples will presumably be treated using hydromet;

• The results from all this work should be used to define the optimal parameters to use on the remaining 2.5 tonnes;

• All this data will feed into multiple reports including what will be a very impressive final definitive metallurgical study;

• We've got a mountain of good news coming!