DFS Reserve, page-5

Still trying to determine an appropriate reserve to feed into a DFS to little avail but thought id share my findings. Firstly - as we know a reserve can only be determined from measured and indicated resources.. so why in the recent Cape Town 121 preso they showed M&I of 28Mt (July 2, 2018 ann) rather than the 36.6Mt in the July 16, 2018 restatement has me confused - you can see it highlighted above. I only imagine it is yet another mistake in the presentation - they should know these numbers.

Below is my attempt at converting the 36.6Mt M&I ann on 16 July 2018 into a reserve.. whereby I have only taken in 65% of the high grade ore as most of it appears in the veins outside of the open pit shell. This is all estimates and a thumb suck but the importance of this DFS to the company and SP and the importance of the reserve to the financial outcomes of the DFS are huge.

Anyway based off the assumptions below I get to 30Mt @ 1.03% Cu (15.8g/t Ag)  compared with the 21Mt @ 1.02% (10.3g/t Ag) in the PFS.. this bodes ok for the DFS but I would really love to see the grades up closer to the 1.14%. We know they have done further drilling at T3 post the July ann so hopefully there's more resource to be added and fingers crossed it is at a higher grade. Just some ramblings....