Ann: ZS140 Results and Heemskirk Tin Drilling Update, page-25

"Our View: All four of the Heemskirk deposits are thought to contain areas of high-grade mineralisation. The mineralisation in these stratabound deposits, which vary in lithology, is structurally controlled by faults and fold dilation zones. Dilation zones in the Severn deposit create lenses of higher grade mineralisation within the broader sulphide halo. These deposits could be mined at a higher cut-off grade of 1.0% Sn (currently 0.6% Sn) to increase the overall resource grade to 1.5% Sn. Although this would reduced the resource tonnage to 2.74 Mt, a more selective mining method could be employed, reducing the investment required to initiate mining. This is likely to be considered in the Company’s Fast Start Option Scoping Study, which is expected to be completed in late Q2 or early Q3 this year"

2019 International Tin Association