Ann: Mining Lease Granted to Heemskirk Tin Project, page-13

Hi Hottin.....some of you guys have been holding for yrs.....holding for 9 months had already been testing my patience re waiting for this news.....NSL went into trading halt to announce 1st sale....SRZ receives the biggest news any mining company can get (mining licence granted) and just slaps it on the table!!! Suspect that many have run their ruler over it but no moves would be made to ML granted....takeover depends on a couple of big holders and they may prefer to see this through to mining?? rather than sale for someone else to develop. Suspect that $30m plus is a more reasonable value for an undeveloped $1-2B resource.....and maybe the value should be higher given that we only need $45-50m to get into production and generating $60-80m/yr in revenue (2.5 ton tin/yr)....before ramping up to planned 6 ton/yr tin production.....if we are now on the road to production in 18 mths (pending securing financing.....capital raising/borrowing/off take???), what value will the market apply to this revenue....potential profit of $20-30m/yr initially??.....that 10-12c target you suggested previously Hottin is where we are probably headed initially???,

I had mentioned our MD was confident this would get across the line but the delays where around the department being cautious....

The frustrating thing is I had been exiting about 0.5m shares out of my company account due to circumstances around paying out other leases with these funds....then this happens!! Still holding 2.1m so not all bad....this is the third biggest holding in my portfolio but it was still a punt on that ML being granted,

Kind regards, SEAH.