Ann: Quarterly Cashflow Report - December 2020, page-21

Inferred Resources lower confidence than Measured or Indicated... doesn;t mean that they are not real, just that confidence in the size/grade is low because of limited drilling. The 'economics' of the DFS doesn't change if these resources are upgraded then included into Reserves, just the confidence in that part of the orebody. Infill drilling may make that area better or worse or same.

Lenders, especially banks have risk control rules to help prevent losing money, one of which is that they will not lend against that portion of a DFS supported by Inferred Resources instead of Proven or Probable Reserves. It reduces the 'safety net' as it were of the revenue supporting a loan which in turn reduces the prospect of attracting maximum finance at the rates.