MXR Fundamentals, page-363

On the lithium I don't expect drilling to happen in this calendar year nor standalone, instead a JV partnership likely to be the mechanism for undertaking lithium exploration when finalised and ready to be announced. I have heard that there's significant interest in the Spargoville tenements and a few discussions taking place. As a side note, both Marquee Resources (MQR) and Pantoro (PNR) have a JV earn-in agreement with $15B giant Mineral Resources (MIN) for exploration on their lithium tenements.

Re Wattle Dam gold, not in a position to interpret how many ounces will be added based on the drilling results from Redback, S5 & Golden Orb - this is the job of the geologists so will need to wait for the updated MRE to be announced. The underlined statement (below) from the quarterly is suggesting the scale of Wattle Dam has the potential to increase significantly. Whether that's 25%, 50% or more it would be pure speculation. A hypothetical 25% increase in total MRE (135,800) would be an additional 33,950oz #gold implying an in-ground value of US$59m (using gold price of $1750/oz) added to the project if this were to be true.

Revisiting the previous announcement on Pantoro's strategic investment of $4.3m in MXR is interesting. PNR were prepared to invest when MXR was trading at ~$20m market cap (6.8c) and yet today it's trading at ~$13m. Clearly they see value in Wattle Dam and the potential for combining feed into their Norseman production plant. "Pantoro believes that the project presents compelling opportunity to substantially grow the existing 112,000 ounce Au Mineral Resource in the near term"