Company Valuation, page-2

Zinc prices expecting to turn around.
Leave  Cobalt for later.

IMO+DYOR.
Cheers.
-------------

ASX Announcement
25 July 2017
C4 Conductor Delivers High Grade Zinc Intersection at Manindi
Highlights:
 Diamond drilling at the Manindi Zinc Project has intersected significant zinc
mineralisation, including the following significant intercepts:
MND065  16.07m @ 8.08% Zinc from 140.93 (including 3.40m @ 12.20% Zinc)
 3.15m @ 6.91% Zinc from 126.15m
MND062  12.87m @ 5.80% Zinc from 80m
(including 8m @ 6.92% Zinc)
MND064  3.32m @ 4.65%Zinc from 46.4m
 5.08m @ 6.11% Zinc from 55m
MND061  1.50m @ 16.46% Zinc from 61m
 2.60m @ 5.43% Zinc from 70m
 2.64m @ 6.50% Zinc from 79.36m
MND060  2.89m @ 9.26% Zinc from 103.83m


 The above intercept grades are comparable to or better than the existing JORC resource at Manindi which has an average grade of 6.52% Zinc for 1,075,859 tonnesusing a 2% Zinc cut off


 The recent structural reinterpretation of the existing Kultarr resource, which has been confirmed by the drilling, shows that it dips approximately 70 degrees to the south west, and appears open both at depth and along strike and extends to the surface -

this has potential to add significant tonnage to the existing JORC resource

 MND065 (see results above) was drilled into the C4 conductor adjacent to the Kultarr resource and shows the C4 conductor remains open up dip, down dip and along strike - C4 has never been previously drill tested and shows potential forsubstantial additional tonnage
 Downhole EM surveying of the holes has identified additional significant conductive
bodies located up dip, down dip and along strike on or adjacent to the Felsic Mafic
contact associated with the C4 conductor - these will be drill tested in upcoming
drill programmes

 Detailed study of diamond core suggests a Bimodal origin to the zinc mineralisation -
contrary to what was previously thought -

Bimodal means the zinc mineralisation is
hosted in both the mafic and the felsic rock sequences - this is important as some
of the world’s largest zinc deposits are Bimodal