Ann: Adriatic Metals Corporate Presentation, page-61

To reinforce what you are saying John, below is an extract from the Sandfire quarterly report; issued today. It is clearly worded in such a way as to leave no doubt about Sandfire's commitment to this investment.

8.2 Strategic investment in Adriatic Metals PLC

Sandfire has acquired a cornerstone investment with Adriatic Metals PLC (ASX: ADT). Adriatic recently completed a heavily oversubscribed initial public offer (IPO) raising $10 million, of which Sandfire subscribed for $2 million for a relevant interest of 7.7%. Sandfire is now Adriatic’s largest shareholder.

In addition, Sandfire and Adriatic have entered into a strategic partnership agreement under which Adriatic will have access to Sandfire’s significant technical expertise to develop its Veovaca and Rupice polymetallic projects in Bosnia Herzegovina, as well as further strategic support to unlock the potential from Adriatic’s regional exploration portfolio.

Adriatic and Sandfire have formed a strategic technical committee to oversee the strategy and implementation of the exploration and development of these Projects. SANDFIRE RESOURCES NL Page 13

As part of the strategic relationship and subject to the waiver or satisfaction of any applicable listing rules of the ASX, Sandfire will hold an anti-dilution right that shall, subject to a number of conditions, enable it to maintain its interest at the Strategic Shareholding.

Sandfire shall also be entitled to nominate one director to the Board of the Company as a non-executive director should Sandfire’s relevant interest reach and be maintained in excess of 10%.