LIN - Resource Connect Asia April 2023, page-19

My theory on why it isnt radioactive is that I suspect this volcanic eruption happened way way back, I am guessing maybe back as far as the cambrian time period ( 500 Million years ago or 500 Ma, or officially this is otherwise known as 1 Eon of time) or maybe even a billion years ago (1 Ga) which would place it around what they call the Mesoproterozoic . There is scientific literature to suggest the Mozambique belt that extends into southern Malawi had magmatic activity around this time scale. There would be a nice and apt symmetry if a deposit that can trace its origin to a billion years of age yields a billion tonnes of resource.

The original volcano would no doubt have been much much larger and after going inactive would have weathered down over these eons to be a shadow of its original self. My guess on low radioactivity is similarly that it is so old that the radioactivity has just decayed away with their having been time for many multiple half life periods so the radioactivity normally associated with these style of deposits is all but gone.

The other thing I liked in Alistair's presentation is how he talked about going live to production with a smaller demonstration / pilot plant first possibly bought with second hand parts and equipment that therefore does not require a huge capex bill ( and hence shareholder dilution). Having already a mining license means this is a viable strategy. Get that up and going and harvesting like 30,000 tonnes of concentrate per year and then that gives them time to work out the full size of deposit, how best to process it to maximize recoveries and hence how best then to scale up a larger plant which would more than likely be designed to handle 100-150,000 tonnes per annum. All sensible stuff from the CEO. A lot of resource projects really suffer in wht they call the valley of death of the Lassonde curve between proving up the existence of a viable economic deposit and getting to first production. This would really minimize our time in this part of the curve.