Ann: Caldeira Project Definitive Acquisition Agreement Signed, page-29

Excerpt from the half yearly, ahhhh the resource targets make more sense now. at 10m average depth of existing drilling instead of 20m it becomes 240Mt at 4x1,500x2,500, or 160Mt at 4x1,000x2,500, apply +- 30% to the low and high of those numbers and I get 112-312Mt that would be in play for an initial resource estimate, so the initial 100 Mt target for inferred and 200 Mt of a higher quality MRE next year I think is now more fair. This is a threshold for MEI to meet as part of their performance earning into the project, not one for Togini to meet. The broader picture is with them as a shareholder their interests are aligned not that this is to be seen as a specific performance target for Togini.

It also means to some of the comments, that any metre that increases the 10m average depth is a good bonus at this stage. No doubt many will be keen on looking at the drill logs and comparing depth of original hole vs new. A +- 500MT resource imho is potentially still on the cards if the depth of can be extended, but not until perhaps a couple of years down the track as it requires a fair bit of drilling and analysis. Anyway, happy to hold here and through the upcoming broader potential turbulence.