Ann: Final Director's Interest Notice, page-14

AE23:

It's ok to compare “Tin prices” and “Inflation” between now and then. Lindsey, had its first PFS done as an “Open Cut”, two facts changed all this.

1) First, the PFS was over 12 years old, so it's out of date.

2) Whilst, “Costs vs Income” showed a good profit and it still does. However, in both cases AR knew a mine life of 8 yrs open cut, was not long enough to warrant the disturbance of the “Landscape”.

Hence, the reason to redo it as underground less disturbance, etc.

If the boron is viable you can add another 2 to 3 years life, plus at least $1 BL in revenue. This then makes it more viable to Mine or Sell.

Absa:

If it was up to me, I would sell the lot of the “Tassie Tenements”, not worth the BS with the “BBF” and hassles with “Environmental Groups”. However, it would be at a profit and with all licenses in place first.