I raised three principal concerns in my original post which CHN...

I raised three principal concerns in my original post which CHN has failed to address in their announcements:

1) Management of Acid Mine Drainage resulting from future mining within the Perth Metro catchment adjacent to the Avon National Park

2) Gov't approval delay to CHN's proposed Hartog drilling resulting in possible start-up during the volatile bushfire season

3) Mixing two different ore types with two potentially-different metallurgical recovery profiles into a single MRE before sufficient study was undertaken to support recovery rates in +75% of the disseminated material between the sulfide-rich lenses.

When you back-calculate (i.e. crudely remove the high-grade from the low-grade disseminated material) the resultant grade of the 252 Mt greater than 0.4%Ni-eq cutoff and less than 0.6%Ni-eq cutoff is 0.52 g/t Pd, 0.12 g/t Pt, 0.02 g/t Au, 0.15% Ni, 0.07% Cu and 0.015% Co.

How Much Revenue Can Be Captured At These Concentrations???

A more responsible approach would have been to constrain the MRE based solely on selective open pit mining of the modelled high-grade lens material where indicated recoveries are better understood and to include reporting of the disseminated material captured within these pit constraints as inferred pending metallurgical study.

P