Ann: High Grade Lithium at Jaegermeister, page-12

Regarding the assessment that Burmeister is a dud, I disagree but it would be good to explore your thinking further because based on the share price its a view shared by the market. The Burmeister system would appear to be heading for 20Mt+ and based on the reported pegmatite assay grades reported todate is heading for ~1.4%. That has the characteristics that can support a >1Mtpa concentrator running for 15+ years processing high grade material. That isn't a dud in my book, but it does come down to the price at which the mineralised material can be recovered from the ground and concentrated.

The early Jaegermeister drilling is thin which the market won't like.
The early Jaegermeister drilling continues to hit mineralised pegmatites which is great.
The seams being hit continue to be high grade which is great. There's 19 individual assay results of 1.5% or higher including 7 over 2.0%. This basically confirms that the huge soil anomalies would appear to be coming from previously mineralised pegmatites that remain mineralised below a weathered zone.

The RC1006 intercept is one TG6 will want to explore to the west to know where it heads.


The mineralisation status:

• Dusters: RC66, RC67, RC68, RC1017, RC1018
• Pegmatites exceeding 0.5% but not exceeding 1% grade: RC1003, RC1004, RC1012, RC1013,
• Pegmatites with >1% intercepts: RC1001*, RC1002, RC1005, RC1006*, RC1007*, RC1011*, RC1014*, RC1016, RC1019*
• Still to report RC1015

* Includes a >2% intercept

Overall having half the exploratory holes around non-outcropping pegmatites hitting pegmatites mineralised to over 1% and frequently >2% is IMO a fantastic start. Now the job is tracking them and finding whether they have thicker expressions and if so at what depths.