Ann: MRG HMS - Nhacutse Very High Mineral Assemblage, page-2

Crux of the announcement is as per the comments.

”As we are moving towards defining 3 separate MRE’s across our Corridor portfolio, these latest results are both encouraging and very exciting as they add a further string to our bow in terms of exploration upside.

What is key to understand here is that these new results have identified a different assemblage sands to what our previous work is based on and this new sand type (Type 2) demonstrates very high levels of Ilmenite and Zircon. Follow up drilling will be performed to see whether High THM is achievable with this assemblage.

Whilst we remain focused on progressing and reporting our Koko Massava/Poiombo/Nhacutsce MREs in the near term, this new high VHM Type 2 sand potentially brings significant future upside to the table as well as providing optimism that the assemblage in the new eastern zone of the Koko Massava high THM MRE target will also reflect improving Ilmenite and Zircon"

Essentially, the economics may be more favourable in these areas than in the table I have previously presented.

Highlighted below results are the eastern side. Noting the ilmenite, zircon, rutile grades are quite a bit higher than the JORC grades and stuff used in the tables over last ew days/





MRE upgrades are now underway on the current drilling program. Essentially drilling from here won't be used as inputs to the resource upgrade and should be treated as recon only.

Fairly solid announcement. Whilst most here are probably over the drilling, the concept when you have a resource base this large across this large an area is trying to delineate the highest grade, highest value areas such that you can present the best economics in a SS.

SS will based on whatever the MRE's come out with and the high grade zonations. Some of the other stuff they've identified is essentially where they will go next to upgrade these MRE's again for input into the PFS. Larger, higher grade resource to underpin that PFS.

Yes 1.4bt at KM and much greater target across the whole lot but at 4% cutoff for 1.4bt can run a marginal project for 100Y. MRQ strategy is basically targeting the absolute cream of that 150-300mT maybe in the SS (in the short term) with a high cut-off and maximum value. From there probably 400-500mT to underpin the PFS on the soon to be MRE's plus the high zonations they are delineating now and moving forward.

First step MRE's. This will tell us just what kind of LoM and rough economics (in terms of revenue) will be in the SS.

SF2TH