Ann: Drill Results Confirm Major Extension Potential at Makuutu, page-17

Okay so this is my 15 minute pass. Couple of comments.

This is only L area not the higher grade area's of M, N, O. Opted for area L as it's lower grade and a larger data set. So it's a conservative approach.

I'm only looking at the clay area's of the intercepts. There is higher grades in some of the other host geology but unlikely to be easily recovered via standard process circuit.

I've not applied a cut-off other than what's reported in the drill results. i.e. if you wanted to perform a a higher cutoff or higher the overall PPM goes up from 490ppm.

I've assumed the same recoveries from our previous results. Announcement does indicate that the rare earths come from the granitic structure (similar to Chinese ionic clays) I am unsure as to how this may impact recoveries in or against our favour.

All that said, the basket will be very close to the remainder of the tenement. i.e. less than 10% difference in price. Due to the lower grade in comparison to the central zone and the rest of the areas it would require more processed tonnes. 500ppm compared to 800ppm odd in the SS.

To try and minimise the impact its's likely a higher cutoff would be used and thus low grade material not inputted into studies keeping the overall ppm a little higher than 500ppm maybe 600ppm. The 820ppm used in the SS was central zone only and our best overall grade. Once we add in other areas holistically i expect it to come down slighty.

I will do the M, N, O area's which I expect overall PPM to come back higher closer to our jorc Grade.

All in all, loads of resource out there, slightly lower grade means more tonnes to process in compared to our higher grade zone for same output. Revenue will be similar. Recoveries to be confirmed.

SF2TH