Ann: Bekisopa DSO Mineral Resource Estimate Increases by 42%, page-6

Ok, good news and bad news time...

The bad news: I was wrong.

The good news: I was too conservative - which is a really good thing.

https://hotcopper.com.au/threads/ann-drilling-identifies-further-high-grade-iron-ore-at-bekisopa.7892221/page-8?post_id=72831887

Combined Resource: 7.88mt of DSO
Southern Zone Resource: 5.54mt of DSO
Central and Northern Zone Resource: 2.34mt of DSO (this announcement).

In short, my estimates from very simple block estimates were:

Low Estimate - 415,000m3x 3.0t/m3 = 1.24m tonnes of DSO
Mid Estimate - 415,000m3x 3.5t/m3 = 1.45m tonnes of DSO
High Estimate - 415,000m3x 4.0t/m3 = 1.66m tonnes of DSO

In my post my high level estimate was for 1.66mt of DSO at a density of 4t/m3.

My very simple block model estimated about 166m of vertical meterage.

I was off by about 680,000 tonnes - which is about 4 months worth of mining at full 2mtpa capacity.

All in all, not a horrific result.

As I said, I would much rather be conservative and err on the side of caution, than to ramp the results.

A great result.

For selfish reasons, I hope I am able to acquire A LOT more shares at lower prices in the next 2 weeks or so.