DFS Reserve, page-4

Hi Rhys

I’m a bit in the dark to what the rigs are doing myself. I think after the battering the market gave management on the T23 holes (where they made out it was significant and economic grades but they were more or less dusters) - that they will be much more conservative with their comms to market. I’m expecting either a TH or for results to come in a quarterly.

I think there’s at least 4 DD and 2 RC rigs at T3 doing the necessary works for the DFS and resource/reserve. Based on the results mid Dec - there seemed to have been a hole started at T22 but I’m really not sure this was the case. I think there must be at least 3 DD rigs in the T20 area. I think they’ve taken a break over the Xmas/new year period and it is the wet season I believe.. but I would have expected the rigs to have been turning for the last month. I’m not really expecting any Ann to inform the market of plans - I think they’ve made it pretty clear without calling out info like number of holes, rig count and specific targets. I would expect the reserve to come out in the next few weeks though followed by DFS late March.