Ann: RM Research Report - Retraction of Statements, page-4

Retracted Statements:
Nelly Mine Potential (Page 6)
“Assuming a strike length of approximately 1.1km, an average width of around 3.0 metres, a depth of 15 metres, an SG of 2.65 and grades averaging 0.82% V2O5, we arrive at a resource target of around 0.1Mt @ 0.82% V2O5. This is a reasonably conservative set out assumptions as ore mineralisation may persist at depth and there may also be parallel structures that are not visible on surface or in the existing workings. The effect of weathering and concentration of oxide minerals near surface may serve to increase grades in the weathering zone, so the persistence of grade at depth requires detailed drilling to resolve this question.”

Burraga Copper Project (Page 11)
“A tailings resource of 234Kt @ 1.2% Cu is the focus of a Scoping Study with preliminary metallurgical testing indicating recoveries of around 70% are possible. Together with other slag material, financial metrics appear favourable with a CAPEX of around $10.8 million and generating a net profit after tax of $75 million over a 4.4 year mine life.” The Company would like to advise investors that the following historical announcements to the market included the statement above in relation to its Burraga Copper Project:


Hardey advises that the publication of Resource and Production Targets as contained in the above-mentioned statements is contrary to the principles of the JORC Code, on the basis that the Company has not released a Mineral Resource for the Nelly Vanadium or Burraga Projects, and has not completed the necessary studies that would support the release of Resource or Production Targets.