Ann: MTRC024 Assays - Matrix-Massive Sulphide Over 4.5% Ni, page-11

What is Tenor?

Tenor (AKA sulphide metal content) is defined as the concentration of a metal, usually Ni, contained in 100% sulfides. This is the nickel that can actually be extracted from the ore. Grade can be calculated from the product of tenor multiplied by the proportion of sulfides in the rock, a property which is easily estimated from basic core logging. The proportion of sulfides can vary significantly, but tenor tends to be relatively constant within a given ore body, allowing grade to be estimated quickly once it is known. Although Ni can also be hosted in silicate minerals such as olivine, this Ni is not included in tenor because the chemical bonds holding silicates together are very strong and processing these minerals is not economically viable; silicate-hosted Ni does not add value to a deposit or contribute to ore grade. The tenor of accumulations of massive (i.e. 100% proportion) sulfides therefore sets the maximum possible grade in a magmatic deposit.

The quality of our rocks seems to be above average and management is buying.

IGO and Wyloo will be watching closely IMO.

Thanks team WMG , Make them pay.