Ann: Quarterly Activities Report, page-2

A couple of takeaways:

(Infill Drilling) "...The ore reserve will include a
life of mine plan and enable the Company to provide forward looking production
guidance. Future resource development drilling and exploration activities are being
planned to target the SE, NE and NW where mineralisation is open."

(Offtakes) "Industrial tests are underway with two major Brazilian Steel Mills (“BSMs”) Following the
industrial tests, the Company expects to negotiate long term sales agreements with
the BSMs."

(Cash flows) "The Company will report cash costs once it has moved from development phase to
commercial production phase for accounting purposes. This is expected to be by the
end of the December Quarter."