Ann: Further High Grade Assays at Penny North, page-112

As at Nov 2017 - drill results were only available for the new Tribue lobe discovery and this lobe has comparable grades at comparable depth as what we are hitting at Penny North and is the results currently being released.

The SP for BGL pre any drill results release in Sept 2017 was 5c for $15mil market cap.

The SP then rose to 25c or the equivalent of $85mil market in mid November 2017 only based off the release of Tribune results.

Obviously BGL went on to have 3 more additional lobe discovery in addition on Tribune lobe but that came in 2018 and their SP promptly got re-rated to close to $300mil at some stage in 2018.

Therefore its not really an out there comparison at THIS STAGE of SPX's drill , comparing to BGL's SP as at NOVEMBER 2017.

Not to forget Penny North is a new lobe discovery, as we still have the original Penny West lobe which already has high grade hits but abit deeper at its part of the Penny West open pit mine.

Therefore if the next 10 holes pending assays at Penny North comes up with similar hits as we have had and add this with Penny West lobe , that would make it 2 high grade lobe we have. But probably not as large a size at BGL's Tribune lobe being 500meters length in strike alone , we we are still open in all direction as per last announcement.

There will also be 3 holes drilled 1.5km north of Penny North at Magenta prospect which could be another potential high grade lobe discovery.

So really to me at this stage of the drill in terms of SPX it was very similar to where BGL were at in their drills as at November 2017 with a market cap of $85mil.