Ann: Investor Presentation - 121 Mining Investment EMEA, page-18

Yes Pogoman, ADT management is good at constantly regurgitating the same stuff, but awful at giving information. Somehow all those rigs at Vares must have moved away as the "Future Workstreams" includes no longer exploration and drilling. If still drilling, where are the results? What happened to drilling the gravity anomalies? It should have been highly successful as there are no indications of high density rock types other than the barite containing mineralisation. Yet all holes have been duds. No explanation for this. The only explanation I can find for this is a survey re-interpretation that was wrong. It can happen, but just inform us. The declaration of the PFS findings is highly selective, it does not even have a production schedule. Despite dilution of 10.5% converting Rupice resources to reserves the suggested feed grade is HIGHER than resource grade. All the metal that is dropped out supposedly sits in the resource material dropped our, meaning at ..... close to nil grade. Very little substantiation is given for the miraculously good marketing terms with 100% payability of the Cu from a bulk concentrate with a grade just above 6%. Just BS. We are told the barite is meeting mud additive specs, but nowhere are the specs given in terms of Pb, Hg and Cd. These are critical elements for acceptance. They think they can tell us anything and we have to swallow it. The project remains good, but the manner in which we are fed "information" is piss poor.