Ann: Rail Assessment Identifies Capacity for Minim Martap Bauxite, page-34

Kalenn

Antagonism, no, but I'm quite sceptical about your expertise.

The spreadsheet you've published for Minim Martap is a travesty. I hope the one you run for the PIG is better.

Why should the recent holes be different from the old holes given that they are drilled in the same locations, Agnes, Beatrice and Raymonde plateaux? Did they neglect to drill the good bits last time?

The resource model built back in 2009 was for the bulk resource, I'll grant you that, but it has not been redone for any of the recent resource announcements:

- 4 September 2018 - the 2009 resource is re-announced with the new tag 'JORC 2012'.
- 16 November 2018 - another resource drawn from the same report - high grade from Agnes, Beatrice and Raymonde. No change to the numbers, just leave out the low grade platoes.
- 12 March 2019 - another resource drawn from the same resource model - change the cut-off grades, ensure sufficient continuity of material above cut-off and declare a higher grade resource.

I made no mention of an announcement dated 18/12/18 in the post of yesterday.

Run the numbers on 41% Al2O3 and 2.6% SiO2 and tell me it'll make money.

"Do you think if they hit the bottom of the ore body they are just going to religiously drill down to 10 metres?" A nonsensical question but...I didn't say that all the holes were 10m deep. Depth will vary but the average for the recent drilling is 10m which is the same as the average hole depth for the 2009 drilling.