Ann: Thompson Brothers Lithium Project Update, page-4

A smart move here as I think it will give them a better understanding of the economics of the project pre-IPO. I think this will help with securing further flow-through funds and very important for pitching the IPO itself.

I think it means primarily focusing on the Thompson Bros Resource itself. They already have a clear exploration target there.

The project is well advanced and with a maiden Inferred Resource of 6.3 Mt @ 1.38% containing 86,940 tonnes of Li2O with an additional exploration target of 3 to 7Mt @ between 1.3 and 1.5% Li2O in the immediate area of the resource. Initial metallurgical test work demonstrates the project can produce a concentrate material of 6.37% Li2O using standard metallurgical laboratory test techniques.​

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I've previously posted in these threads, my numbers on how the resource could potentially grow because of the exploration target at Thompson Bros:



Tawana completed their PFS against a reserve of just 4.7Mt @ 1.18%.

https://www.asx.com.au/asxpdf/20170711/pdf/43kkjk14z4kr79.pdf



Like TAW, it looks like NVA / SNOW are effectively pursuing a strategy to rapidly achieve cashflow with a small resource / reserve to start with, then progressively grow the resource once further exploration can be funded by cashflow.

Recall that NVA have a fairly large land package. It looks like they are pursuing underground mining, adding new underground mine entrances as they identify additional deposits suitable for mining.

An advantage that NVA / Snow have is that Snow Lake township means that no dedicated mining camp is needed. The mine workers can be accommodated in the town. It's also a township that has a great deal of experience with underground mining.