Ann: High-value Titanium Mineral Assemblage at Muckanippie, page-18

I am a gold guy so this is a little out of my depth but both statements can be true.

We have high-value material, and while some areas may be of lower grade, the determining factor will be the overall resource size—especially given its high HV density. Additionally, our proximity to the rail line, which is already transporting similar material to established processing plants, further supports the project's viability.

This also indicates that higher-grade material is likely present within our tenement, reinforcing the significance of the pending results. Back in 4 weeks.

Overall, this is a positive outcome and a strong indicator of future potential. As noted in the presentation, a joint venture (JV) with PTR or a farm-out agreement with a major player could further enhance the project's economics. Given the region's trajectory towards becoming a large continuous titanium resource , the overall resource density—regardless of grade variations—positions the project as a commercially viable opportunity.