Ann: Quarterly Activities Report March 2022, page-11

Very disappointing throughput and grades hence revenue, Covid , work force and strengthening work are still playing havoc with production and the only positive to come out of Far West is things got back to normal during March.

Better news on the Liontown front with open pit being chosen so production later this year is a possibility, an underground start would have been well into next year and more expensive .

Plans to put tailings through the Hillgrove plant while waiting for the UG mining start up is a positive.

A Sept quarter startup at Syndicate was looking likely anyway and the only thing that really matters is profitability the ore hasnt gone away.

So its possible we will have three mines in production this year and I would like to think Far West will.perform better this quarter, the slow throughput of recent months means it will produce for longer.

Its a frustrating time but at least Far West is keeping the show going, despite poor production , while we inch towards the other mines...

In the end one can rant and rave but it doesn't change the fact the mining boom in particular is creating some serous headwinds at the moment and very little can be done about it really.

Cheers Whisky