Ann: Appendix 3B - 1 March 2017, page-175

G'day Speckles, just borrowing your office for a moment, trust tradings going well for you.

@OldGeo

With SW11, imo, it's a case of if and when the Regulatory Authority approves Terrativa's Final Exploration Report for the tenement.

In Brazil an Exploration Licence (Research Authorisation) is granted for 3 years, at the end of which the tenement holder is required to submit a Final Exploration Report. Of the 4 options open to the Regulatory Authority, 2 are germane here - approval, in which case the licence is extended for another 3 years, or, rejection, in which case the tenement becomes available, on a 'first come first served' basis.

The 3 year period ended for Terrativa (the 'current' tenement holder 193/2012) on 3 July 2016, the Final Exploration Report would have been submitted.

Vale lodged an Exploration Licence Application (Research Application) on 4 July 2016 (424/2016) and last submitted documentation in Oct 2016.

Terrativa lodged an Exploration Licence Application (Research Application) on 5 July 2016 (429/2016) and last submitted documentation on 8 June 2017.

Imo, the granting of the licence simply awaits the outcome of the Regulatory Authority's determination of the Final Exploration Report.

You can appeal the rejection of a Final Exploration Report, there is no evidence of any rejection as of today.

Terrativa were also the previous tenement holder of SW1 (727/2012, even though CTM indicate in the 15 June 2017 announcement that the Salobo West tenements were historically held by Vale) and the Regulatory Authority granted a 3-year extension there.

I will continue to check everyday and if I see news and CTM have not said anything, will tag you.