Ann: Investor Presentation - October 2023, page-4

I'm happy with the result, but confused by this Grade recovery chart.

The test work table was 8mm with 91.8% recovery rates for the HLS test material [72.6/(72.6+4.5+2.0)]. This reduced to an overall 72.6% overall recovery rate because 20.9% of the lithium units were lost as fines. This recovery was to a 6.0% concentrate.

On a HLS testing only basis, the chart below is well to the left of where I'd have expected it because fines will hit recoveries (an issue Core is finding). If these are global recovery rates inclusive of losses to fines, then they are a huge improvement on the table results. Could this be a massive improvement in the results from a revised crushing process that limits fines?

The 8mm crush at 6.0% wasn't explicitly tested in the results below but is by implication about 81%. If GT1 were to supply the 5.6% product (dashed red line) then a 12.7mm crush would produce 76% recoveries and a 8mm crush would have a fantastic 83% - from DMS only.

Can GT1 ore really be heading for >80% DMS only test results? If they are this is among the best DMS only test results out there and even with modest test to full-scale reductions in recovers would still result in an excellent overall result.

If GT1 can achieve 80% recovery rates to a 5.6% product then 1Mt of Seymour ore would be 167Kt of SC5.6 [1,000*(1.17/5.6)*80%].