NORTHLAND CAPITAL PARTNERS VIEW: Régua is expected to be the second project that W Resources moves to production. While it is smaller in terms of tonnage at present compared to the Company’s flagship La Parrilla development project, it is also much higher grade (Chart 1). The updated mineral resource estimate has seen W Resources increase both the volume of contained tungsten within the Total mineral resource estimate, as well as increasing the size of the Indicated category. While the grade has decreased it is still at the higher end of comparable open pit projects (Chart 1). This updated mineral resource estimate is expected to form the basis of mine planning and the reserve estimation due for completion in Q116 as the Company looks to move Régua toward production. 

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