Ann: Investor Presentation - Paydirt Battery Minerals Conference, page-11

Yes I think its heading towards a good cost position.

Some of the earlier drilling at North Aubry is really shallow. ADV has announced the following results:

• SL-16-62: 11.1m @ 2.1% from 29.6m (8 Feb 2017)
• SL-16-68: 8.1m @ 1.64% from 5.8m (8 Feb 2017)
• SL-17-01: 24.1m @ 1.20% from 16.9m (22 May 2017)
• SL-17-02: 23.5m @ 1.2% from 0.5m (22 May 2017)
• SL-17-03: 21.0m @ 1.6% from 2.6m (22 May 2017)
• SL-17-04: 18.5m @ 1.3% from 3.6m (22 May 2017)
• SL-17-05: 9.6m @ 1.5% form 0.0m (5 June 2017)
• SL-17-06: 6.8m @ 2.5% from 3.0m (5 June 2017)
• SL-17-14: 23.8m @ 1.36% from 24.8m (18 Aug 2017)

The western end of the pegmatite that comes to the surface has lithium bearing ore near the surface and it then gets deeper as it goes north east.
While we don't yet have a mining plan, what would seem sensible to start on this resource that is nearer the surface. This indicated resource is currently 2.13Mt @ 1.29% and the majority of this is less than 120m deep. SL-16-61 to SL-16-73 didn't have a reported intercept ending below 103m. The reported intercepts for SL-17-01 to SL-17-58 had nothing reported that is deeper than 130m.

The exploration targets from the recent drilling are hitting targets mainly in the 200-300m range, however the most western step-out was GTDD-22-0001. I think this is north of the inferred zone in the JORC map below. It hit an intercepts at 123-134m, again supporting that the inferred resource is all nearer the surface.

But yes, later drill results are deeper. If North Aubry is a circa 1 to 1.5Mt of ore/yr type resource, At least the first year should be able to mine less deep resource. This provides the cashflow for the deeper mining that would follow. With minimal pre-strip, the key item between FID and producing ore will be the construction of a DMS plant. Core has shown that is around a year from ordering to commissioning. It might even be quicker with Primero as a foundation shareholder. Its shaping up a lot like Core's start-up capex but without as much Grants pre-strip expenditure.

The two pictures below are ADV's 6 March 2019 JORC announcement (for JORC of 4.8Mt) and the original 11 hole step-out plan before it was expanded to 16 holes. This shows where the inferred element of the JORC is.