Ann: Callisto Exploration Update, Diamond Drilling Begins, page-103

Morning All - I did a few updates to my simplistic excel model of the area based on the new results we've just received and a few corrections that may have been skewing my old numbers. Also, as another poster kindly pointed out the conversion I had from metres cubed to tonnes was extremely conservative (at a 1.3 factor) and instead something like a 3 times factor is more appropriate for what we are dealing with - this obviously makes a huge different to the numbers. All the same caveats from my previous post about my model still apply. We've got 3 lines of drill holes (covering an area of about 150m south to north), and they are across a width of approximately 500m (though not all rows drilled the entire 500m width), thus the area being considered is approximately a 150x500m grid. Current estimated values of each metal as below (commodity prices used are still as of the 4th August):

• Palladium - $215,867,092
• Platinum - $17,122,698
• Gold - $10,822,962
• Rhodium - $19,140,622
• Copper - $59,859,295
• Nickel - $187,853,800
• Total - $510,657,469

The total tonnage ends up at just over 2 million tonnes of ore. If we extrapolate the above values out to the north 1 km (assuming a consistent mineralisation) then we're looking at a potential $3.4 Billion AUD of in-ground resource per kilometre.

Usual caveats apply - This is a simplistic model, I take no responsibility for the accuracy of it, and encourage everyone to DYOR.