Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-47

TMG remains materially undervalued despite holding arguably the highest-grade JORC-compliant antimony resource. WCC resource sits at 1.97% Sb using a 1% cut-off, this implies TMG’s ore is roughly 4–8x higher in head grade compare with LRV's.

The current JORC of ~30kt Sb is based on limited drilling. However, the mineralised system is open along 6km of strike, with drilling intercepts returning up to >20% Sb — numbers rarely seen outside China. Internal commentary from TMG implies a 100kt potential resource is not only plausible — it may be their working base case. This scale would make WCC one of the largest antimony resources outside China and Tajikistan.