Response from JB, page-3

Thanks for sharing, much appreciated

But a lot of this makes no sense to me.

The previous MRE was ~300k oz indicated and inferred. There are another 175% holes to be included. 'Whispers' (Epstien report, Next Investors) have suggested 300k oz for new resource, and this could only be possible if they were looking at only measured and indicated which is what their latest presentations have now said



Now he's saying it's all categories, but unlikely to include measured, so essentially indicated and inferred. How does this reconcile with the 300k oz. Otherwise I'd be expecting 600-800k oz or we have spent 10's millions to have the exact same resource. Most of TMRs drilling has been expansion rather than infill, so I don't think moving ounces from inferred to indicated was the idea nor the outcome.

Secondly the results of Blue vein and No 9 vein have been out for almost 6 months and the MRE has been in the works longer. Why is the structural study only being done now? MRE out when it was supposed to be in H1 would have meant the cap raise and the predicted higher price (incl from a higher base with no drift lower) and a full drill season.