Ann: Annual Report to shareholders, page-3

Back of envelope conceptual tonnage guesstimates (drawn from Annual Report) around Mick Well (early exploration stage). Hard rock targets (1,000m x 300m x 4-8m) x 2.5t PLUS (2,200m x 300m x 4-8m) x 2.5t . Conceptual guesstimate of target tonnage range 7.0M mt - 14M mt.

Clay based TREO (6,500m x 100m x 20-40m) x 2.5t = target tonnage range 32.5 - 65.0M mt.

ALL being part of a much larger project area covering a strike length of 54kms.

Please note that these are very speculative guesstimates BUT indicative of a future EV (following drilling) that has potential for 5x -10x valuation (or more) uplift. Similar to local peer group of HAS and DRE. Good luck to all longs