Ann: Investor Presentation, page-583

Hi Spid81 from the AGM it was confirmed fresh material starts from surface…The first 5mt have not been included in the reserve…Looking forward to the growth from within the project…More tons more $$$ but what about the other methods of improving value…The Lindi project is priced at 94-95% TGC

To improve value an increase of 1%TGC increases value by 2-5%. Between 95-97% TGC you get a 5% premium

Also you get penalised if under spec…The other way of increasing value is from Flake size…Lindi just spent US$1.5 million on the back for flake size recovery…They also have a rolls Royce sorting table…

Lindi will be predominantly mining fresh mineralisation from surface…Fresh material has higher homogeneity meaning the ore is more consistent…SYR were mining weathered oxide material which has higher inconsistency making it problematic to grind…(12 grinding processes) While Lindi only requires 1 grind to achieve a 90%urity range…

Some interesting comments from Semi where the only other project that was coming on line is now delayed. (Covid implications, shipping logistics) From Andrew Cunningham of no concern as both projects have very different characteristics… Different type end users requirements.

Lindi also has had delays with unloading ships while this had the revers effect. JP don’t get paid until the machinery reached the warehouse…Drawdown has been delayed as they had enough funds in treasury to pay items coming from the ship…

A well balanced book and World Class project $$$

Regards Croc (No vertically integrated US$180 million dollar black hole budget at Lindi…