Market Update

Sheffield - Foran

Good afternoon

Sheffield - signed a binding offtake agreement with a large , Chinese company for 50% of the Ilmenite to be produced from the Stage 1 Thunderbird project. They have now offtake agreements in place for 100% of the zircon, and 50% of the Ilmenite = more than 75% of total revenue from Thunderbird Stage 1. This is good news - the main news remains aboriginal clearance, expected soon!"

Foran Mining - anotehr step in the right direction today: Foran announced, that the Glencore Technical Services Team and Foran personnel visited Hudson Bay´s Flin-Flon concentrator , to explore the potential to use Flin-Flon´s infrastructur / concentrator for the Foran-ore. An agreement could be very positive fopr both parties, as Foran would save a lot of capex, while Flin-Flon has only very limited reserves left.Also, the placement size has been inceased from 7 Mill Can$ to 8.5 Mill$ because of strong demand. Foran also reports initial results from a review of the recent drilling program, which look very favourable for an increase in the resources-potential. All good news - all helping on the way to derisk the project. S32´s takeover the other day for Arizona Mines at a pretty full price shows the demand for zinc operations as well, and will free up a lot of cash for re-investment in the sector!

Have a nice evening!