Fair call Charlie... however, the jury is still out if our...

Fair call Charlie... however, the jury is still out if our Frewena IOCGs are within reach.

But these phosphate basins seem to be more easily identifiable and shallower... read still undercover (no outcrop) and 60m deep (not 1km).

I put the following questions to management...

• How reliable is our AMAGRAD on these P2O5 targets?
• Does shallow deposits mean more accuracy?
• Is this still non-core to our portfolio?

I was told good questions but to wait and see.

Clearly, there is something BIG happening beneath those shallow Phosphate basins AND above the Barkly Hwy.

Below is from a previous Frewena report that describes a "a large scale intrusivefeature (Heaslop 2018)". Notice that Grub's 1 & 2 phosphate basins above fit in the white dotted oval below.... interesting.



All exploration is uncertain but we're adopting a weight of evidence approach using the best science and historic drill results to unlock these undercover beauties... I'm happy with that but understand others may not be.

Patient Poet