Ann: Rothsay Royalty Agreement Update, page-9

As per Peter, ”The royalty payment will be welcome additional cash flow that the Company intends to apply to its accelerated development strategy for the Razorback High Grade Iron Ore Project in South Australia”. IMO This is great news as the funds will minimise further dilution through CR's as it will likely be utilised to progress the BFS once the PFS is completed within H1 of 2021 & it may also be used for further exploration of our tenements to firm up or improve our indicated/measured JORC resource.

In essence, we get $10/oz which means Silver Lake need to process 59,500 ounces for our royalty agreement.

Below is a segment from their most recent quarterly; "At Rothsay site establishment works have commenced with mine development to commence in Q1 FY21.Underground development at Rothsay will be progressively increased throughout H2 FY21 with targetannualised ore production rates of 250,000 to 300,000 tonnes per annum for approximately 45,000 to50,000 ounces per annum over the LOM. Rothsay will produce approximately 10,000 ounces in FY21 andhigh grade ore will be hauled to Deflector for processing through Deflector’s upgraded CIP circuit from Q1FY22."

With this in mind, we should have the final payment by roughly Q1 of the 2023 financial year (July-September).