Ann: Opuwo Project Update and Board Changes, page-223

From investor presentation 29/8/2018

Simple sulphide hosted mineralogy

- Flotation testing showed up to 88percent of cobalt recoverable into sulphide concentrate

- Closed circuit flotation recoveries of 80 percent at a cobalt concentration grade of 1.5percent

- further optimisation work planned to improve recoveries and grades

So we have some worst case figures to work off with regard to met work recovery rates if no improvements were made.

High leach extraction of cobalt copper and zinc

- 1 to 1.58 cobalt grade flotation concentration from 19 different regimes explored

- Extraction in the current preferred autoclave oxidisation leach was 93% for cobalt 92% for copper and 100% for zinc at a temp of 93degrees Celsius and 300kPa oxygen pressure

- Relatively low leach extraction of iron at 26% and sulphur41%

- Optimisation work ongoing (so again these are the worst case figures if we haven't improved anything)

So my question to those more knowledgable in those department how good/bad or mediocre are these initial results and in particular what are the issues because recovery rates, temps, pressure etc seem reasonable to me for what is a very consistent sizeable resource.