Ann: Sorby Hills Progress Update, page-47

As I've been saying for YEARS, NAIF funding is highly questionable and should not be taken for granted. Over the past 12 months in particular, I stated repeatedly that the ongoing scheduling delays were clear evidence that the company was struggling to obtan the finance it needed to move to a FID.

Simon confrmed both of these things today.

The next step is probably a 5-7c CR. Possibly accompanued by a Convertible Note from one of those firms that specialises in distressed situations. Dilution and more dilution. High likelihood of insolvency within the next 18 months (or earlier if Silver and lead take a nose dive).

This project will not be developed by Boab.