Ann: DTM To Receive Cash Injection As Tungsten Output Ramps Up, page-8

Heading in the right direction but recovery rates are nowhere near where they should be. The 2020 mine plan had the open cut recovery rates ranging from 74.6% to 82.3%. Current recovery rates are well below.

My back of the napkin calculations which should be ignored have the Dec quarter come in at around 178 tonnes of concentrate containing around 107 tonnes of Tungsten. Over double the September quarter.

Grabbing the high grade ore at 1.1% sounds good but if recoveries are not where they need to be by then a lot of the tungsten is going to go to tailings. It is worth noting the average for the Dolphin open cut is .76% so for every ton pulled out at average 1.1% there is an equivalent loss of average of .34% left spread across the remaining ore somewhere.