Ann: Commencement of Drilling - Lefroy Lithium Project, page-48

A good move on volume today, definitely some interest in MXR now.

Just a few factors to ponder over the weekend;
- Renowned investor Tolga Kumova is in #3 position in the T20 after acquiring over 10.5 million shares in MXR.
- Gold producer Beacon Minerals has a 19.7% cornerstone shareholding in MXR.
- The Hilditch gold deposit is due for a resource update in early December, with the company looking to potentially bring this into production via a toll treatment agreement to capitalise on strong AUD gold prices.
- The Lithium JV exploration programme will be augmented by a EIS co-funded diamond drill hole targeting large pegmatite formations at depth.
- There is currently very little, if any value attributed to the Nickel prospects and the recent Nickel results at Kandui.
- MXR's tenements are highly prospective for gold, especially around the Wattle Dam Mine. Current resource sits at 320 000 ounces.
- Deep Value is present in the form of a number of potential royalties payable to MXR, most notably at the Yandal Project (also known as Flushing Meadows) which is currently being progressed by Yandal Resources Ltd (Yandal). The royalty obligation by Yandal to Maximus is: a) $40 per ounce on the first 50,000 ounces of gold from the tenement area. Yandal must prepay the first $200,000 of royalties (representing the first 5,000 ounces of gold production) upon commencement of gold production from all or any part of the tenement area; and b) $20 per ounce for gold in excess of 50,000 ounces and less than 150,000 ounces in respect of gold from the tenement area. Additionally, there is a 3% net smelter return royalty for any gold by-product or co-product from the tenement area. The royalty is satisfied once there is 150,000 ounces of gold produced from any part of the tenement area and is capped at $4,000,000.

Have a good weekend.