Ann: Tanzania Special Supplement Bills, page-97

Hi Towie I just had a look around as you suggested. Very happy here with so much going on.What I picked up is although this slide has been posted previously we are missing a hand drawn direction arrow so have now added it to the slide.



The other thing is we don't have a score card but this is mostly blank because we only drilled 1% of the resource.

The score card so far 1% drilled >20 year mine life @>16 % TGC

• DFS complete (Conservative basket price to peers)
• NPV 323 Million
• $292 ROM plus $60 contracted to port
• Capex $38,000,000
• Build time 7 months
• Funding 80% in final negotiations through the Chinese Governments new US$ 1 Trillion"Silk road-one belt ,One Road " (Silk Road) initiative.
• Initiative confirmation due end July
• Grades being re tested @32 % TGC
• 75% of first stage sales target all but confirmed in short time since data room being opened
• Expandable markets limited by supply of material right now (Premium prices to EV markets right now)

OFF THE SCORE CARD

• 4.2 km expansion target identified for rapid growth potential
• 36 % TGC measured from surface samples
• If similar (4 X 323 million) stage 2 plus 323 million Lindi stage 1

Start up projects need to remain small as demand is not there on start up and you are competing with China. To do this in a price takers market is not wise where they have all the industry experience needs to be thought thru. Opinion is that $600 is the maximum cost per tonne to be viable. You need position to enter this EV market with the right strategy and high grade located at surface enables this.

Croc