Ann: High grade Co results confirmed at Mwilu and Kamilombe, page-34

Harrygreb,

Difficult to work out a value on the shallow high grade Cobalt due to the fact we don't know the average Cobalt grades or depths they're mining to at this stage.

We do know from recent channeling assay grades that they most likely average in the 2% to 4% Cobalt range.

Recent channel sample results collected from the artisanal workings and trenches are shown in Tables 1 and 2 and included:

•  0.7m at 16.2% Co (northern exposure)
•  1m at 3.89% Co (southern exposure)
•  2m at 4.81% Co (southern exposure)

However a poster Novac posted on 9/3/18 the following workings based on the Kamilombe tenement alone using a nearby Cobalt mine neighbour KCC's technical report as reference as per below post number 31636816

"so using this 1.7km2 as a reference then applying it to only 1 of the leases at  which has 2.37km2 you get;

78.4t/1.7km2 = 46.17kt per sqkm

so 2.37km2 x 46.17kt = 109.4kt

109.4 *0.6 = 65.66kt to TAR

That's worth about AUD$ 6.7 Billion

and this was only 1 tenement. What about Mwilu which has 3.36km2. Apply the same as above and see what you get."

Not certain what Cobalt price he used at that time in early March , but going on current Cobalt price of US$91,000 /Tonne i get a value of US$5.975 Billion at today's prices for that one tenement at Kamilombe.

Then you have all the other tenements that TAR are currently completing DD on as well that also exhibit potential to host further high grade Cobalt and Copper.

Mwilu

Another 3.36sqkm with TAR earning 60%.
The very high grade sample occur along a fault that runs through the tenement for approx 1.8km.

PR12423 (TAR Earning up to 100%)

This tenement covers 5.04sqkm. There is a fault that goes through the tenement for more than 3.5km and along it are some high grade sames from 0.42%-1.28%

PEMP 2315 (TAR earning 70%)

This tenement covers 28.35sqkm. The Roan sediments are interpreted to extend west onto this tenement below existing soil cover. In the north of the tenement, artisanal miners are recovering cobalt and copper oxide. There has been no sytematic exploration on this tenement but the company believes it has the potential to host significant mineralisation below the recent sand cover.

Kasonta - (TAR earning 70%)

It comprises of 3 tenements which cover 82.71sqkm. For tenement PR12726, Roan sediments cover more than 23km of the tenement. PR12727 covers 1km of the structure that hosts 25-30m wide breccia zone in which Roan sediments are exposed.