SRZ and Tin base case, page-46

# Nov 2019 SRZ presentation states it is about $60M for development capital cost

# Always believed that they need a few more years of production to make this a bit more enticing especially if they go for a higher cut off grade (also this will reduce capex costs & obviously there is less resource tonnage for mining).

# Believe that there are plenty of resources in whole corridor especially at depth where we will have one deep drill hole to find the possible pluton which is what I am excited about (there is a very strong likely hood of a source at depth IMO - even Aberfoyle acknowledged this many years ago). MLX has been in operation for 100+ years & VMS has good grades but possible "Tarkine" issues. MLX's exploration budget was about 26M last year ?? (our market cap LOL). Grade of tin & tonnage expansion is the main objective of SRZ's drilling focus.

# Awaiting further studies from PFS / BFS progression - SRZ which should clarify some of your questions. Also awaiting our neighbour's studies into Rentails (strongly believe we have a better project !) - just to factually compare both projects.

# If we can get into production, this market cap would possibly multiply many times over even if tin prices settle at 20-30K.

# NE projects could quite easily be another separate listing (elephant country IMO)

# Patience is required in these low cap investments which attract risk factors. Just takes a drill hit, a possible overseas investor such as South Korea entity, Government funding, etc, etc ???? . I am a believer that this will progress to production sometime in the future & willing to accept those risk factors that go along with that progression ! IMO DYOR