I plotted a contour map (see below) of Highland Plains using the...

I plotted a contour map (see below) of Highland Plains using the
data from pages 32 and 34 of the prospectus, together with Google
Earth. Please note that the lowest elevation above sea level is
207m, so for the purpose of this exercise I assumed that value to
be zero elevation. i.e. 207m was subtracted from all elevations.

As per the prospectus, the total drill target area is 6.5 km²
and the shallow P₂O₅ target area is ~1 km² . My calculation is
12.4 km² and 1.9 km² respectively. I have always known
Jim Richards to be ultra conservative, but not to that extent!

Although the following results have been derived from historical data,
the calculations are based on my opinions ONLY.

Assumptions

• Average P₂O₅ width = 8.52m
• Average P₂O₅ grade = 20.8%
• Total target area = 6,5000,000 m²
• In-situ bulk density = 1.85t/m³
• 20% P₂O₅ lost after beneficiation = -.37t/m³
• Lower cut-off grade = 15% P₂O₅

Calculation

8.52 x 6,5000,000 x (1.85 - .37) = 81,9000,000t

So I get 81.9Mt @ 20.8% P₂O₅. If we assume a target area of 12.4 km²,
we would be looking at a total tonnage closer to 156Mt.

Running with the conservative tonnage, we should come up with 12Mt of
surface to near surface mineralisation. The strip ratio of overburden to P₂O₅
would be a ridiculous ¼ : 1. This would give us a mine life of 6 years @ 2 Mt pa
with very little overburden. I'm not aware of the JORC programme, but I know
we have some very switched-on board members and it would not surprise me
to see a measured JORC for the shallow target area and a inferred, or even
indicated, for the remainder of the total target area from the current drilling.
As for the total target area, I estimate the strip ratio to come out at around 5 : 1.

Imo, it would be very difficult to find any mineral deposit with such a low CAPEX
for overburden.