I spent some time going back through the years focusing in...

I spent some time going back through the years focusing in particular on DSO ... Here are some snippets of the story.

1. JORC 2012 Resource 550mt with 67mt @ 30% (27% cut off)

https://www.asx.com.au/asxpdf/20220310/pdf/456w80dbs0zjgg.pdf See Page 3

2. In June 2010 the DSO BFS declared a reserve 9mt @30% (note this was not 2012 JORC).

https://www.asx.com.au/asxpdf/20100604/pdf/31qpn2czd4mcpd.pdf

3. In Feb 2010 declared sufficient high- grade phosphate to meet a 10 year operation. The Arruwurra deposit would likely be the initial focus as this was where the marketing & bulk sampling samples were sourced. It has a 4.7mt @30.2% and has a dimension of approx. 2000m * 800m.

https://www.asx.com.au/asxpdf/20100210/pdf/31nm8jhwppjlgy.pdf

4. In Feb 2009 released details on the impurity levels of the Arruwurra deposit. See page 6. https://www.asx.com.au/asxpdf/20090227/pdf/31gb9lkb2czsxl.pdf

5. In June 2009 released results of a marketing program of the Arruwurra deposit with positive responses and further requests for larger follow up samples.
https://www.asx.com.au/asxpdf/20090611/pdf/31j0l02vtcf620.pdf see page 2.

6. In April 2009 released chemical testing results of the Arruwurra deposit with likely specifications. Confirmed interest given suppliers were having problems sourcing material with acceptable Cd levels.

https://www.asx.com.au/asxpdf/20090415/pdf/31h23cc1dpjq76.pdf see page 5.

7. In January 2010 released an update on trial mining and bulk sampling including a Arruwurra Unbeneficiated rock ore sample composite assay – declaring it is a very high-quality rock by world standards.

https://www.asx.com.au/asxpdf/20100129/pdf/31nd2blprklpk7.pdf see page 7 & 8.

8. In September 2010 released results of beneficiation metallurgy confirming silica content in particular can be removed. They also announced a confirmed 100,000t DSO order had been received and the results of client trials from a NZ fertiliser company (DSO main deposit sample).

https://www.asx.com.au/asxpdf/20101015/pdf/31t4hpqbwxls8r.pdf see page 8.

9. For information only: In September 2017 peer CXM released results of metallurgical test work for a sample of Ardmore phosphate rock ore– head grade and beneficiated.

https://www.asx.com.au/asxpdf/20170921/pdf/43mj13lptzjty9.pdf

Here is a summary between both companies of the above sampling results: Note the samples from both companies look to be well above respective MRE averages.

In relation to AEV at least it gives an indication of the DSO impurities levels which was one of my objectives.

*Arruwurra deposit

Summary of both MRE

CXM** -2022 Annual Report

cheers