PFS, page-12

the mine would be a lot closer to surface than renison and would target the higher grade first and might not be at all similar to renison in operation so hard to compare . But even still its very difficult to get capital to start a new mine and process plant, especially at the moment. With the sudden and significant dip in the tin price Renison operated at a significant loss last quarter. It’s happened a number of times with MLX. With the sharp rise in tin price its looking good again, but its a very fickle commodity and as with most things it depends on the Chinese. Have been hearing for a decade tin stocks on hand at LME are super low but this is almost meaningless as even by their own admission LME is a market of last resort and only a reference for prices and its Chinese owned. Tin stocks and demand in China is the critical factor, but info out of China will only be what the Chinese want you to hear and maybe completely and deliberately inaccurate.