Ann: Step-Out Drilling Intercepts up to 24,894ppm TREO, page-37

Hello.There are some very good auger drill results today which are better in grade than today's RC and DD drill results. This difference is merely a coincidence but seems to show when these auger drill spots are RC & DD drilled the grades will be very good. So lets go over it:

1. The two DD results (blue color) today were not great (1529 & 2410ppm) however they are in the former western drilled part of Cupim South

2. Similarly, 4 from 8 RC results (red color) today were below 2000ppm.

3. To date, the average depth & grade of 14 RC & DD holes at Cupim South appears to be 32.3 metres @ 2438ppm; which is not that great.

4. However, as said, todays 19 auger drill (yellow color) results averaged 3235ppm, which is great.

5. The average of all 37 Cupim South auger drill results to date appears to be 2,955ppm.

6. The disconnect between the AG and RC/DD holes is strange (given grade is deeper at depth); as though VMM aren't hitting the higher grade spots with their RC/DD but this will obviously happen in the future.

7. It could be possible Cupim South is a 3,000ppm deposit.

8. The plotting below shows the different grades are scattered.