Ann: Testwork identifies leaching processes for Parks Reef, page-4

Open questions regarding ore processing:

1. It seems that leaching success is related to the degree of oxidation of ores. How is the degree of oxidation distributed over the tonnages, depths, and maybe even directions?

2. Leaching success reportedly varies with each metal to be mined. What are the relative proportions of these metals in relation to ore tonnages, depths, etc.?

3. Leaching success with each component metal varies with leaching time. What time is most cost effective? Should different metals be processed differently with respect to time (or reagent dosage, or temperature, etc.)?

4. The announcement differentiates between vat and tank leaching. Are they significantly different? Which is better?

5. How compatible and/or combinable are the WASM and Wildip processes if it proves desirable to use both? Which would be done first?

6. Reportedly the testwork has been undertaken on coarsely ground samples of RC chips collected during Podium’s drilling programmes, with a sizing of approximately 75% passing 150 micron. That grind doesn't sound unduly onerous to inexpert me. However, would grind size be a useful parameter to experiment with and optimise, with respect to metal recovery rates and ore processing costs? How finely does the ore need to be ground to best suit each process, considered in relation to metal type, level of ore oxidation, etc.?

7. How recyclable percentage-wise are the reagents in each process?

8. How scalable are the two processes? Is it feasible to start on a small scale?

9. Are tailings dams required for either or both processes?

10. What are the capital and operating cost structures for leach processing ores by each of the two processes?

11. How much testing must be done to guide capital expenditure decisions? Is a pilot-scale operation indicated?

12. What is the fallback position if the two leaching processes prove infeasible for some unforeseen reason?

13. Is the water available for ore processing of adequate quality and quantity?

My main reason for asking all these questions is to suggest that maybe we shouldn't expect the metallurgical testwork phase of mine development to be finished overnight if it's to be done in depth at the outset. The alternative extreme might be to start with a rough-as-guts pilot operation and work upwards in scale, sophistication and efficiency over time.

I'm not seeing any obvious dealbreakers for the leaching processes at this stage, but obviously there's always a level of risk, and I'm no expert.

I'm not a financial adviser or any other kind of expert for the purposes of this post. None of the above should be construed as financial advice. My statements here are quite superficial and unchecked. Do your own research!

I may be away from my keyboard.