Ann: Exceptional Metallurgical Test work Results from Adina, page-91

Great work Chris and team.

Can anyone who has been comparing these to others confirm if others are also referencing SC6 concentrate with their recovery rates? The recovery rates below if referencing SC5.5 or lower are much higher in all cases, so I wonder if our recoveries may be even better than they appear vs. peers?



"The mostimportant take-away from these results is having multiple options for the Adina process flowsheet whichprovides flexibility to respond to changes in the capital and commodity market."

The bigger picture is revealing itself quite nicely.

If we were assuming a grade of 1.2% previously and the initial grades within the Main Zone are closer to 1.5%, that's an increase of 25%. If we were working on 60% recoveries previously and are now looking at 80%, that is an increase of 30% (20%/60%). Compound these efficiencies together and this appears to me to be a potential increase of SC6 produced per ton of spod mined 66%!

I am most looking forward to seeing the figures around our first 5-10 years of production. Low strip, high grade, high recovery rate and hopefully getting to market whilst medium term demand outstrips supply.