Ann: Half Year Financial Report to 31 December 2024, page-8

ASX RELEASE | QUARTERLY ACTIVITIES REPORT DECEMBER 2024
UPDATE ON METALLURGICAL TEST WORK
The upper portion of diamond hole MTD29 (EIS3) was drilled with larger diameter HQ core to provide material
for initial metallurgical test work of the shallow disseminated mineralisation. Six intervals of mineralisation,
totalling 62m downhole length and approximately 113kg weight, were selected from the top 150m to 300m
depth of the hole.
Each of the 6 intervals of core were crushed and sampled on a length weighted basis to form a 50kg bulk
sample, representative of the hole. The remaining crushed material was kept as individual intervals and placed in
cold storage. To date a series of 9 different rougher floatation tests have been conducted on the bulk sample
material, each testing different factors including grind size (75um to 150um) and various reagents, with and
without desliming of fines. Nickel sulphides have been successfully recovered in all of the tests, with the test
work suggesting only around ~0.1% Ni is present as non-sulphide silicate nickel.
Having successfully completed this initial sighter test work the Company has now moved on to Phase 2 of the
metallurgical program. Incorporating the sighter results, further tests have been designed and planned to
approximate a processing flowsheet. This enhanced scope of work is one of the Company’s principal focuses
for the first quarter of 2025 and results will be announced to shareholders when available.

10 weeks ago we heard the news that perhaps 5 million tonnes ($80 Billion worth) of contained metal could be liberated from the Dunite host rock using a standard float circuit .

Without that the Bean counters are not interested full stop. "Deal Breaker"

"the test work suggesting only around ~0.1% Ni is present as non-sulphide silicate nickel." ~ The Bean counters want hard numbers Ni.% Recoverable

We know that the "Tenor" is extraordinary ~ The bean counters want to know the consistency across the deposit .

We know that the "Tonnes" are not an issue ~ The bean counters want hard numbers + Grades% + Strip ratio + Pit dimensions = $x/ton

We know that a "High Value" concentrate has been produced ~ The bean counters want consistency + grades% + deleterious elements = $x/ ton .

That 50 Kg bulk sample of rock has been available for testing since hole 29 was drilling ahead at 300 meters depth which is almost a year ago so we can be reasonably sure that there are some hard numbers on hand but not yet delivered.

And it wouldn't take much to run the ruler over the juiciest part of the drilled out area to calculate the most favourable tonnes and do the math on the available grades 0.3% ,

Something else is going on behind the scenes that is obviously more important than management receiving 3.1 million free shares (Performance rights) that have just gone begging (Expired).

Now what could be more important than "Free Money" ?

I don't know, but it must be big .

i don't know anything,