Ann: Amended App 3Y Change of Directors Interest - M Rosenstreich, page-12

Also grade is not flash. 4 odd percent is not high grade. To give some colour a project with a grade of 8 percent needs to process half the ore to get the same result. To produce 50, ooo tonnes of concentrate say at mill rate of 90 percent at 8 percent is nearly 700,000 tonnes of ore. At 4 percent it is 1.4 million tonnes. That feeds into the opex and capex as it is a lot of processing. So we cannot say we are high grade and I have doubts we will be low on the opex cost curve. So we wait but PFS will tell the story.