Ann: Investor Presentation, page-7

Just to follow up on this, I've had a quick look at the JORC code. Seems to me that maybe after the road DFS (this week), the Ovoot DFS (December) and the Front End Engineering & Design (FEED) study in December (maybe January after todays news), that it might be considered a Proved resource.

It's no small feat to go from a measured resource to a proved resource.

A few quotes from the JORC doc below:

- A ‘Proved Ore Reserve’ is the economically mineable part of a Measured Mineral Resource. A Proved Ore Reserve implies a high degree of confidence in the Modifying Factors.

- Application of the category of Proved Ore Reserve implies the highest degree of geological, technical and economic confidence in the estimate at the level of production increments used to support mine planning and production scheduling, with consequent expectations in the minds of the readers of the report. These expectations should be considered when categorising a Mineral Resource as Measured.

- In order to achieve the required level of confidence in the Modifying Factors, appropriate Feasibility or Pre-Feasibility level studies will have been carried out prior to determination of the Ore Reserves. The studies will have determined a mine plan and production schedule that is technically achievable and economically viable and from which the Ore Reserves can be derived.