Ann: Fourth Quarter Activities and Cash Flow Reports-SRZ.AX, page-2

Fast Start Study shows opportunity for: VERY GOOD UPDATE!
 16% increase in head grade to 1.23% tin
 First ore in 6 months of mining commencement – 50% faster than OPFS
 57% reduction in preproduction capital cost to $47.5m
 Competitive unit cash operating cost of A$14,677/t representing a 38% profit margin at today’s LME spot tin price of A$23,564/t
 Mining Lease application over Heemskirk tin deposits accepted by Mineral Resources Tasmania – once granted an ML will increase security and duration of tenure
 Tin price up 38% on January 2016 low – reduced supply and low stock levels support tin price gains - decline in concentrate exports from Myanmar in June also a positive factor