Ann: Fungoni DFS Delivers Outstanding Financial Returns, page-8

In combination, this week's announcements lock almost all the strategy in place. Fungoni, small but valuable, will fund the elements of the mobile plant strategy that will kick everything off. Mine life limited but real confidence displayed by management in the future with Tanga South having a JORC resource and Bagamoyo now surprising significantly with first pass. Between these 3 deposits, with Fungoni the smallest, we are looking at 20-30 years of resource and the means to fund significant development.

Add to that
- the extensive campaign underway on our extensive southern tenements with Rio Tinto. They are exploring for Tier 1 in which case we'll end up with a minority but valuable position. I think they'll likely find tier2/3 ilmenite/zircon assets in which case it will be handed back to us, at no exploration cost, for 100% control of potentially materially significant reserves
- the northern campaign which is too early to speculate but may host our highest rutile prospects

Solve the current sovereign risk dilemma with good clear mining licence and conditions and the table is fully set for those with a long term view.