Ann: Very Positive Preliminary Metallurgical Test Work on Maronan, page-16

I have just created the below spreadsheet that compares MMA's latest lab results against BML & G1A's. BML has differing recovery rates over the life of the mine, so I have averaged out their recovery and assumed that mining volumes remain static over the 8.5yr mine life.

MMA state that they are confident of increasing their lead recovery to greater than 60% which would put MMA in roughly the same percentage as BML for lead recovery. Just for information, I have added the bottom MMA line on the spreadsheet (highlighted in green) with a 61% lead recovery. G1A commissioned a 1.2Mt plant but was running it above 1.3Mt and reported their best concentrate shipments of 24K/t. Their first shipment was 5K/t so I have put the A$ value per 5Kt shipment as well. For information, BML will have a 2.25Mt plant.

The chart value is per dry metric ton (dmt) of concentrate and obviously does not include refinery costs and penalties etc and assumes the recoveries stated.

G1A have never stated their recovery percent in silver so I used MMA's 84%. G1A did provide the silver concentrate grade though. Another point to remember is that G1a did not even get close to the recoveries and grades stated in their DFS. If they had, they probably would not be under administration at this very moment.

If anyone sees any problem with my calculations, I would appreciate if you could point it out so that I can amend the spreadsheet.