Ann: Cobalt Ridge Metallurgical test work, page-2

COBALT RIDGE DELIVERS FURTHER OUTSTANDING METALLURGICAL RESULTS
Conventional Flotation Testwork on the Cobalt Ridge Deposit recovers 93.6% cobalt, 98.4% copper o Results support viability of very simple processing options

The concentrate mass constituted only 5% of the initial mass feed, with grades of 2.02% cobalt and 5.18% copper processed from marginal-grade drill core of 0.14% cobalt and 0.32% copper

Previous testwork on high-grade RC drill chips of 0.84% cobalt, 0.21% copper and 0.47 g/t gold delivered concentrate grades of 7.38% cobalt, 1.29% copper and 4.1 g/t gold achieved in 11.1% of the initial mass

Mineralisation is beneficially amenable to a coarse rougher flotation, with a smaller- scale re-grind and cleaner flotation circuit delivering a final high-value concentrate - o Initial testwork at P80 212µm, delivered a concentrate of 3.27% cobalt and 8.67% copper, with recoveries of 85.2% cobalt and 92.7% copper o Option provides opportunity to significantly reduce operating and capital costs compared with industry standard flotation operations Testwork will now focus on down-stream concentrate processing options and detailed