Ann: Investor Presentation - Tin in Tasmania, page-10

Major holder is leveraged at 5.2c for 65 million shares approx.

Directors dont own much, a couple mil shares each and few million options approx.

Last CR for 75 million odd shares was at 3.5c

Most investors under water, however I feel strong gains from a JV, if these guys don't JV with ANW for St Dizier they're bat shit crazy.

Question is how much to develop mine and who pays what? Considering the dynamics i would say processing plant trumps resource in the current climate, cash flow near term is king, expanding resources future looking.

My guess is ANW due to start processing cash in the next 6 months, which will allow for funds to develop St Dizier mine, SRZ aquire permits and approvals, and ANW covers cost of mining and processing puts the JV at 90% ANW 10% SRZ earn in.

10k tonnes of contained tin at 10k profit per tonne = $100 million profit - a couple million to develop the pit, leaving $10 million for SRZ for maintaining the lease or maybe its 20% for $20 million for SRZ and ANW makes $80 million over 10 years for 1000 tonnes of contained tin p.a. from the end of 2019.

Just rough figures of course