Ann: UCL: Namibian Phosphate Project - Resource U, page-16

re: Ann: UCL: Namibian Phosphate Project - Re... Sandpiper on it's own is bigger, at this stage. 594 MT today on 60 samples. More than 70 samples awaiting analysis so potential to double that in a few weeks and scope for more over time.

MAK current JORC inferred resource at Wonarah is at 461MT but they also can increase that and will in time. I think in the long run both projects will probably be demonstrating billion tonne + resources. At that size it's no longer global resource size that matters.

In both cases ultimate size is not that important because both regions have very large deposits capable of sustaining long life mining operations IF economically feasible. Neither have definitively proven that at this stage, MAK appear closer to doing so.