Ann: West Arunta Project - Luni Assay Results, page-30

The only anomalous Thorium and Uranium intersections in that table (relative to the rest) are in;

Hole DD022 where we have 18m at 4.14% Nb

Hole DD031 where we have 10m at 5.17% Nb

Hole DD035 where we have 65m at 3.33% AND 23m at 10.3% Nb

This is all in line with what we're seeing across the entire mineralised blanket so far when you compare it proportionally to the Th and U content in most drill holes. The company notes that mineralisation in the deeper, unweathered zone is considered significant. Generally, in a weathered zone, niobium enrichment should be lower, but we are seeing very high grades here. This likely means that there are resistant phases allowing for the endowment to stay intact. What one would typically see is leeching, where the Niobium or other minerals that aren't broken down by weathering, leech into deeper unweathered or relatively less weathered zones. This explains the comment about the high likelihood of a secondary zone that has been discovered deeper and why we are seeing more EOH assays reported in recent announcements.

Araxa and Catalao both show significant enrichment in the weathered zone. The weathering there allowed other solubles to leech away from the weathered zone while the Niobium remained behind. What we are seeing play out lines up with the empirical evidence and bodes very well for the met results. The degree of leeching will be key here. Such high grades in an intensely weathered zone would mean that the Niobium has been largely separated from other deleterious minerals. The benefiction processes we employ to determine recovery may be more effective at giving us a much higher recovery. Whilst I am speculating on that, the above would seem to suggest it is reasonable to think that way. Araxa and Catalao have proved time and time again that higher grade = higher recovery, and we have high grade in spades, and its only getting better. Exciting months ahead!