Ann: AGM Presentation, page-10

The initial JORC will be far less than 1.2 m tonnes, IMO. Why:

- management said "initially small but open" (see presentation 30/11/16, slide 3)
- the new performance rights (defined just some weeks ago) require 1.2 m tonnes only in Sept 2019
- the money from the new CR is mainly for more drilling
- the geometry of the hits does not allow for 1.2 m tonnes, IMO (but I am not a geo)

That said I clearly prefer a "small but open" initial JORC over no JORC this year.