Ann: Impressive Results from Bioleaching Pilot Plant Test, page-72

While we are waiting for the fire assay by nickel sulphide collection and ICP-MS finish for hole TED 020, we can go back and extrapolate the benchtop results for TED 015. The key is the bioleach recovery curve which gives us readings up to 192 hours but critically gives us a reading at 96 hours.

The reading at 96 hours is critical because the assay for TED 015 announced 19 December 2022 was based upon a treatment duration of 96 hours. The recovery at 96 hours for TED 020 was 9.67 g/t increasing to 16.52 g/t at 192 hours. I am less confident about maths than metallurgy but I will go with a multiplier of 1.708.

The benchtop result for TED 015 following bioleach for 96 hours was 95.38 g/t 5E. Everyone can do their own calculation, making whatever assumptions deemed appropriate, but the extrapolated headline number following bioleaching over the extended duration of 192 hours is considerably higher.

We would like to provide an apples for apples comparison, however, we do not definitely know whether the fire assay for hole TED 015 was by lead collection or nickel sulphide collection albeit we do know the finish was ICP-MS instead of AA. As discussed my best guess is that the fire assay for hole TED 020 was fire assay by lead collection with an AA finish.