Ann: Excellent Metallurgical Testwork Results For T3-MOD.AX, page-6

The overall recovery rates and concentration (even without further optimisation) are excellent and exceeded MOD's expectations I believe. Their target was >90% rec, >40% Cu conc, so achieving high copper concentrate grades (between 33% - 60.6% Cu) at very high copper recoveries (ranging 93.8% - 98.7% of Cu) for all three copper sulphide ore types (chalcopyrite, bornite and chalcocite) is outstanding for preliminary metallurgy work. Result is a clean, marketable concentrate that everybody wants, and at 2-3x the global average grade.

Cupric also produce a high grade 42% Cu conc and MOD reported similar from Mahumo (July 2015 announcements), so we should see this continue elsewhere in our holdings.

The high grade samples in particular are exceptional: copper recoveries up to 98.7% Cu and silver recoveries up to 97.5% Ag, to produce a high grade copper/silver concentrate up to 60.6% Cu & 1,304ppm Ag. I understand now why they highlighted the high-grade ore resource in the JORC statement.

Good recovery and low energy costs should feed nicely into the scoping study. A bit of a technical RNS but from a commercial perspective this is tremendously good news.