Ann: MRG HMS Binding Joint Venture to Develop HMS Projects, page-175

There appears to be considerable upside on the economics of the project. This is an extract from the Scoping Study & PEA announcement of 3/11/22

"As we progress to Pre-Feasibility stage (PFS), we have already identified a number of opportunities to substantially improve the NPV of the project, by:
- Consideration of reduced CAPEX via different on-site processing options to optimize NPV (a less processed basic HMC product).

- The bulk sample utilized during the Metallurgical Study and Scoping Study/PEA was sourced from the Koko Massava deposit, which was the basis for the TZMI concentrate pricing. However, mine start-up is planned at Nhacutse/Poiombo where comprehensive mineralogy results show a higher value mineral assemblage. Further metallurgical study of a Nhacutse/Poiombo bulk sample is planned to review concentrate pricing.

- Further metallurgical testwork of the Non-Magnetic Concentrate is required, with the goal to increase its’ currently low value per tonne contribution to the potential mine economics.

- New zones of very high VHM/high THM are situated east of the existing Koko Massava and Nhacutse/Poiombo pit-optimised Mineral Resources.
These zones were not part of this Scoping Study/PEA. Infill/extension drilling and mineralogical study is planned in these zones with the goal to establish new MRE’s that may significantly impact mine economics.

We are confident the above factors will have a significant impact on the Pre-Feasibility Study (PFS) results and as per the recent market update have progressed the Mining License Applications for both Corridor Central and Corridor South."

All the best to holders...peace.