Ann: Finalisation of Placement , page-4

Head2641

Production from tailings from Mt Carbine has never been done before. It is now possible only because of advancements in technology and the higher price of Tungsten in the last couple of years.

Although extensive sample production testing of the tailings has been performed by the company, actual full scale production can sometimes yield a different result. So there is still a very real risk that the quality of product that is produced is below expectation and in a worse case scenario, not acceptable by Mitsubishi.

Nevertheless, stage 1 tailings production was never meant to be the company maker anyway. A successful tailings operation will be nice and will assist with cash flow but the real company maker will be stages 2 and 3.

All the best with your holdings