Ann: World-class pegmatite intersection at Finniss, page-26

Let’s take a look at BP33 and Carlton.

BP33:

at time of DFS was a resource of 2.15MT, of which just 21.8% of it was incorporated into the DFS, yet its full $30mil pre strip was included. Since then, BP33 has seen:

* 52m @ 1.28% Li2O
* 41m @ 1.50% Li2O
* 15m @ 1.59% Li2O
* 31m @ 1.31% Li2O
* 57m @ 1.81% Li2O
* 36m @ 1.81% Li2O
* our biggest ever intersection of 119m - assays pending
* 14m assays pending
* 18m assays pending
* has increased to 400m at depth and is still open
* underground mining studies showing that much of the resource can be extracted.

Carltons:

1.09MT and wasn’t included in the DFS. Since it’s last mineral resource update Carlton’s has seen:

* 31m at 1.13% Li2O, and some of the biggest intersections Carlton’s has seen to date (assays are pending, though visuals suggest that intersections look to be as good as or better than what we have seen to date at Carlton’s of around 1.30% Li2O), all outside of the current resource of:

* 35m
* 34m
* 31m
* 36m
* 44m
* 41m

* the discovery of a new peg to the west
* the discovery of a new peg at depth to the east
* underground mining studies showing that much of the resource can be extracted

I am looking forward to seeing:

A) the upgraded resources of the two. I’m tipping BP33 to be at around 4MT - 4.5MT, and Carlton’s 3MT - 3.5MT. I think Grants could end up being the smallest of the 3 haha

B) the increase in BP33 reserves and the introduction of Carlton’s reserves. And then with the incorporation of the underground mining studies into the upgraded DFS,

C) the increase of concentrate tonnage

D) the substantial increase in project economics

could concentrate and project economics double? triple? More?

it’s exciting. Leading us into 2020 on the exploration front is Carlton’s and BP33 assays and exploration results from new targets in McGrants and Henderson’s. Off-field is the MMP approval, hopefully followed by finance, additional offtake and hopefully a sector that is starting to turn around.

IMO

GLTAH