Ann: Sandstone Feasibility Study, page-26

Need to zoom out fella. The FS was just the open pittable resources.

I have now read over the ann a number of times, and then called them, and the key points of discussion are set out below.

- They advised that works still progressing on the field and they are working on drilling the gap between shillington and the ridge.

- The problem is not the end profitability of the project but the negative cashflow for too many years in the financial model at current prices because of their proposed strategy.

- A way they can improve this is with an upgrade to the plant size and being able to secure feed from a third party deposit with slightly higher grade that can bolster the front end revenue.

- They have a meeting with owners of another 3rd party deposit this week who are keen to talk (couldn't disclose who).

- Re Alto - Alto wanted to go at this alone and were not interested in speaking to us until perhaps end of the year depending on what they find.

- It isn't over yet, just some more work needs to be done.

GLTAH