Ann: Update Northern & Central Bekisopa Drilling, page-3

Logically, They drilled the south first because it had more DSO tonnage and good grades.

If we get another 3mt of 62% Fe DSO in the North and Central then that will total about 6mt of >62% DSO which I think is plenty to get started on.

Then after those 6mt DSO is mined, we move into the 2mm crush and dry mag separation material. There is plenty of that underlying the DSO and the extra capital will be modest and funded by the DSO profits.

It is all coming together.

I’m looking forward to the scoping study results and news on the mining code and meetings with officials.