Ann: Metallurgical test work results at the Hendeka project, page-3

The ore grade is about average for the area, but what matters most is the metallurgy. There's Woodie Woodie close by that been going many years and Nicholas Downs Manganese which MIN operated with Gina until mn prices crashed around 2013/14. There's Butcherbird further south operated by E25 which has proven that the manganese is capable of producing battery grade material and there's also BCA with the Flanagan's Bore project just south of Nicholas Downs which is worth looking at to get a guide as to the Hendeka Project likely met specs.

A beneficiated product of around 40% dso is possible from the manganese in the region. I think Nicholas Downs was carting 43% dso whilst in operation. That's possibly a good money spinner for TKM if they wish to monetise Hendeka earlier than going through the long drawn out battery grade process.