Ann: Bold Head Maiden Mineral Reserve Estimate, page-7

I took a more in depth look at the attached and the Bold Head Open Cut cutoff is actually .2% NOT .7% as stated on the front page of the Ann. A typo it would seem. So scratch my above comment re increasing resources by dropping the cut off.

Here are a few of the more interesting pieces of info from the PFS.

"The Bold Head Mine is a satellite deposit of the Dolphin Mine and is planned to be mined in parallel to the Dolphin operation when the Dolphin OC is near completion (years 5 and 6). The proposed Bold Head operation consists of a small OC followed by UG mining over a 4-year period. Ore produced will supplement production at the Dolphin Processing plant during and after the Dolphin Mine OC-UG transition."

"At a 0.2% WO3 cut-off, the Bold Head OC contains a total of 54 kt of Probable Reserves at an average grade of 1.0% WO3 with a Run of Mine strip ratio of 13 t/t. At a 0.7% WO3 cut-off, the Bold Head UG contains a total of 391 kt of Probable Reserves at an average grade of 0.9% WO3."

"4.5 year mine life producing a total of 320 K mtu of WO3 in concentrate."

"The combined Bold Head OC and UG are planned to produce approximately 100ktpa over a 4-to-5-year period, supplementing the 3-400ktpa produced from the Dolphin Mine."

"The inclusion of the Bold Head reserve extends the project life producing approximately 3,600 t of WO3 concentrate over the combined UG and OC production period of 4.5 years."

"OC stripping ratio of 1 to 13 (t/t)."

Capex -$19.5m

• OC Capital $0.8M
• UG Capital $6.2
• UG Development Capital $12.5

Total Opex - $69.4m

Opex ($219/MTU aud)

• OC mining cost $60 mtu $49/t
• UG mining cost $169 mtu $118/t
• Total mining cost $154 mtu $110/t
• Processing cost $38 mtu $27/t
• Shipping cost $5 mtu $3/t
• Royalties $21mtu $15/t
• Other $5 mtu $0/t
• Total $219 mtu $156/t

EBITDA - $56.5m

Total Cash flow pre tax- $26.6m

"Although classified as Indicated Resource, a minor validation and geotechnical drilling program is required to fully assess the viability of Open Cut mining"

"The OC will be used as the access to the UG operation. On completion of OC mining, the following are required in addition to the portal:
• Seal the pit floor to prevent leakage of water into old workings.
• Construct a suitable sump and associated pit pump to contain and remove stormwater inflows to the settling ponds proposed.
• Construct a bund (seal with clay) to protect the decline portal from water in-rush from the pit bottom during any storm event by separating the portal area from the sump area."

"OC Mining fleet capital cost estimates are not included as the schedule assumes redundant equipment from the Dolphin operation will be utilised towards the end of the Dolphin OC mine."

Thought this was relevant
"Currently the Dolphin power supply is provided diesel generation with limited grid power. Diesel costs have significantly increased the cost of power generation with current costs in the vicinity of $0.40kwh, significantly more than the 2020 RFS of $0.29kwh. G6M are currently looking at renewable power options, particularly wind generation. A power price of 0.22kwh has been used for the financial estimate on the assumption of contribution from renewable energy sources by 2030."

Having read a bit more my current opinion is not as good as it was. Spending $20mil capex to make $26mil before Tax(after CAPEX account for) is nothing special and this is all based on estimates today NOT in 6 years time, having said that who knows what the price of Tungsten will be then. To put it into context EQRs Mt Carbine plant has a capex of $18.5mil and plans to produce $80mil before Tax in its the first year.(FIRST BLAST ANNOUNCED TODAY!!).

Chookman with G6M having a MC of $121.7m and EQR having a MC of $101.3m I think it will be a while before I need to give you a warning

GLTA