Ann: Outstanding Metallurgical Results at Muckanippie HMS Project, page-9

Hello. I will try to share what i learned about the basics of HM deposits. Below is the SFX deposit. It is 11% HM however the commercial minerals (zircon, HiTi, Leucoxene & ilmenite) only amount to 4.48%. The rest of the 11% HM appears to be rubbish.

However, there is also a product quality aspect. Note: SFX (unlike Iluka) is producing only "concentrates". So:

1. The SFX zircon product has 1.6% to 2.4% iron (Fe2 O3)

2. The SFX ilmenite (magnetic) product has up to 47% titanium but also up to 63% iron. This looks like very high iron content.

3. The SFX Leucoxene (paramagnetic) lowest quality product is a mixture of stuff.

Therefore, it we compare this quality with today's PTR announcement, it appears PTR is far superior, on face value.

Note: 18.8% of the SFX commercial minerals HM is Zircon (sells for US$2000/t); compared to PTR samples today 21% rutile (sells for US$1800/t). Therefore, the 21% rutile proportion of PTR today looks comparable.

Also, while the samples are limited, it appears the three PTR holes are about 4% titanium over the wider 20 metre widths/thicknesses. If 21% of the 4% titanium (???) is rutile, that is 0.84%rutile, which is close to SVM's 1% rutile grade.

To compare with ILU's nearby HM deposits, Ambrosia is around 2.1% HM with 0.1% rutile and 1% zircon. https://www.iluka.com/media/k40pfhj5/resource-and-reserve-deposit.pdf?lang=en-AU

Plus, as said, it appears 69% of the 4% titanium will be high value pseudorutile.