"The highlight for us during this six month period was the confirmation from Extract Resources Limited that its Rossing South uranium deposit is the largest uranium discovery made in recent decades. With a current JORC resource of 267 M lb U3O8 for Zones 1 and 2 of Rossing South alone, Kalahari maintains that Extract has the ground and potential to deliver a total resource well in excess of 500 M lbs U3O8 from the entire Husab Project, which places it amongst the largest uranium projects in the world. Indeed, if the mineralisation continues at Rossing South, into further zones south of the initial two zones, as we expect, and has been indicted in recent announcements by Extract regarding the emergence of Zone 3, Extract will have a uranium project which will rival BHP Billiton's Olympic Dam project. With a circa 40% interest in Extract, this naturally bodes well for Kalahari and its shareholders and, accordingly, I believe that it is imperative for Kalahari to maintain, and ideally increase, this exposure to Extract. With an exciting portfolio of additional copper, gold and other base metal assets which we are actively looking to develop further and ascribe increased value to over the short to medium term, I am confident that Kalahari has a very bright future."
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