Ann: 39% Increase in HG Measured and Indicated Mineral Resource, page-34

These are my estimations based on the TMT mineral ore reserve table. It is a starting point.

V205 Estimation:

105 Million Tonnes * 1million = 105 Million Tonnes

105 Million Tonnes * 44.4% (Mass Yield Recovery from the TMT Mineral Reserve Table)

= 46.62 Million Tonnes (Magnetic Concentrate) * 0.016 (Magnetic Concentrate Grade)

= 745000 Tonnes / 12,000 Tonnes per Year Production

= 62 Years of High Grade V205 Production.

Ilmenite Estimation

105 Million Tonnes * 1million = 105 Million Tonnes

105 Million Tonnes * 56.6% (Mass Yield Recovery from the TMT Mineral Reserve Table)

= 59.43 Million Tonnes (Non-Magnetic Concentrate)

59.43 Million Tonnes (Iron / Titanium) * 12.35% Illmenite (TMT grade) = 7.33 Million Tonnes

7.33 Million Tonnes / 62 Years of High Grade Material above

= 229,062 Tonnes of Illmenite Production per year based on a 12,000 per Year Run Rate.

Iron Estimation:

105 Million Tonnes * 1million = 105 Million Tonnes

105 Million Tonnes * 56.6% (Mass Yield Recovery from the TMT Mineral Reserve Table)

= 59.43 Million Tonnes (Non-Magnetic Concentrate)

= 59.43 Million Tonnes (Iron / Titanium) * 87.65% Illmenite (Minus Ilmenite Grade Above) = 52.09 Million Tonnes

= 52.09 Million Tonnes * (Assumed Optimizing Yield 80%)

= 41.672 Million Tonnes / 62 Years

= 670,00 Tonnes per Annum 60 Fe Production

20% Waste Material (Iron Low Grade)

This does not account for the low grade deposits just the high grade 105Mt Component.