BOSS ENERGY LTD — Capital/Financing Update 2016

Dec 13, 2016

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ASX Announcement

14 December 2016

ASX: BOE

PFN CONFIRMS AND INCREASES HIGH-GRADE MINERALISATION AT JASONS PROSPECT

HIGHLIGHTS

• PFN results significantly increase encountered grade at Jasons Prospect by 50% on average

• Strong positive disequilibrium indicated locally, particularly on basal mineralisation in the southern project region

• Results along trend in line with nearby historical PFN data (e.g. YAM040)

• Strong high-grade zone identified, open to the north and south over 1km in trend extent and up to 200m wide

• Sonic core holes planned to confirm stratigraphy and tenor of mineralisation with laboratory assaying

• Significant intercepts encountered now include:

• 2.5m @ 4005ppm pU3O8 (BMR043 from 105.45 - versus 1392ppm eU3O8)

• 6.75m @ 940ppm pU3O8 (BMR050, from 103.95 - versus 524ppm eU3O8)

• 1.5M @ 1556ppm pU3O8 (BMR008 from 90.25m - versus 1427ppm eU3O8)

• 1.25m @ 1662ppm pU3O8 (BMR018 from 93.55m - versus 1389ppm eU3O8 )

• 1.5m @ 1389ppm pU3O8 (BMR042 from 103.95m - versus 605ppm eU3O8)

• 1.75m @ 1317ppm pU3O8 (BMR044 from 93.45m - versus 875ppm eU3O8)

• PFN probe results have been independently validated as suitable for reporting

• Field Season finished for 2016, further trend extent drilling to start in January 2017

Boss Resources Limited (ASX: BOE) is pleased to announce that the PFN data collected during the recent drilling program has been reviewed by an independent expert as suitable for reporting. The Jasons Prospect is located approximately 12km north of Boss’s Honeymoon Uranium Mine Site (Figure 1).

Field activities (Figure 2) have finished for 2016 with 54 holes drilled in total. In 2017 the program will continue targeting north- and south- trend extensions of the southern high-grade zone as well as drilling of two sonic core holes.

Prompt Fission Neutron (PFN) tools are the preferred method for assessing uranium in younger sandstone hosted uranium deposits as they can avoid the effect of radioactive disequilibrium and can provide a more accurate reading of uranium grade and mineralisation. Natural gamma derived eU3O8 grade measures uranium content indirectly as a large portion of gamma rays are emitted by[214] Bi and 214Pb, which are decay products from 238U. The PFN tool utilises pulsed neutrons to directly determine the presence of[ 235] U and results in pU3O8 grade measurements.

During the current drill program at the Jason Prospect, Boss collected PFN data using 2 PFN tools acquired with the Honeymoon Project. As part of the Company’s QA/QC procedures, an independent

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expert was engaged to review both the calibration data and the resulting pU3O8 grade data prior to reporting.

Boss is pleased to note that the PFN results have confirmed and in a number of case increased the equivalent grades for the mineralisation encountered in the drill program. See Table 1 for comparisons.

Boss recognises that there is an approximately 50% average higher reading on the PFN tool when compared to the natural gamma eU3O8 grade data. The Company has designed a sonic core program to commence in January 2016 to further confirm the grade profile at the Jasons prospect. This is an important validation step prior to potentially using the PFN data in Resource estimates.

Figure 1 shows the peak per-hole grade x thickness composites (single best composite, not amalgamated) for the recent drilled holes, along with historical holes for reference. Results seen to date support the general endowment seen by historical drilling with significantly good lateral continuity of mineralisation encountered. Figure 3 shows example sections from the southern portion of the deposit. The Company is encouraged that the high grade mineralisation trend to the south is showing good trend continuity and is related to a basal feature of the Lower Eyre sands, potentially related to a basement embayment.

Table 1 summarises pU3O8 and eU3O8 significant intercepts above a nominal 250ppm eU3O8 (gamma) lower cutoff and greater than 0.5m in thickness and less than 1m of internal dilution. Holes where the PFN data was either unreliable or the hole was blocked do not have a reported pU3O8 grade assigned. Based upon logging of the drilling muds, the mineralisation encountered to date is from within sandy units of the Lower and Middle Eyre Formation and also along sand/clay interbeds and interfaces.

Boss has an approximately 70 drillhole mud-rotary program underway at the Jasons Prospect (Figure 2) which will enable further delineation and expected expansion of the current resource (currently at 2.8Mt at 840ppm eU3O8 for 5.2Mlb contained U3O8 above a 250ppm U3O8 lower cutoff) .

The gamma eU3O8 probing was undertaken by Borehole Wireline, a highly experienced South-Australian based geophysical contractor. The tool used has been calibrated in the South Australia Glenside test pits.

Calibration of PFN Tools

The PFN tools have been calibrated using four on-site test pits and also against the certified Glenside calibration pits in South Australia. For both tools used, Boss has chosen to use the most conservative calibrations available based upon four calibration runs over 6 months in 2016 at the Honeymoon test pits. It is noted that matrix differences in the Glenside pits does not allow for direct comparison between the two results. No hole size calibration factor has been used. It is noted that the PFN tools are calibrated in 120mm diameter holes, and 145mm diameter holes are being drilled on the Jasons Prospect; historically a positive calibration faction of 130% would have been used for holes of this hole diameter. Both the calibration procedures and resulting pU3O8 grade data were reviewed by an independent expert (Mr J. Oram) prior to reporting.

Full sampling and drilling details are shown in Appendix 1.

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Figure 1: Location of drilling at the Jasons Prospect, approximately 15km north of the Honeymoon Mine site. Maximum grade times thickness (eU3O8 [in ppm] x m) shown to assist in illustrating high-grade trends.

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Figure 2: Recent field photographs showing PFN logging and drilling operations.

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Figure 3: Example cross sections through Lines 14, 14 and 16. Results are shown as grade (ppm eU3O8 or pU3O8 / thickness in metres where available). Note: sections only show the bottom ~60m of each section.

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Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling

Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O8[ 1]

Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81	Table 1: Summary Results from 2016 Jasons Mud Rotary Drilling Summarised above a nominal 50cm minimum thickness, 1m internal dilution, and above 250ppm eU3O81
Hole ID	Easting	Northing	RL	Dip	Az.	From	length	eU3O8 1 (ppm)	pU3O8 2(ppm)
BMR001	465,947	6,501,988	94	-90	0	93.25	0.75	399	399
BMR002	465,834	6,501,804	94	-90	0	87.75	0.75	684	Not available
						91.75	0.75	1,084	Not available
BMR003	465,887	6,501,581	95	-90	0	92.25	0.5	473	Not available
BMR004	466,088	6,502,000	94	-90	0	80.5	0.5	309	830
						87.25	0.75	749	658
BMR005	466,254	6,502,138	95	-90	0	94	0.75	1,114	1289
BMR006	465,991	6,501,688	95	-90	0	87.5	0.5	389	623
BMR006	465,991	6,501,688	95	-90	0	92.75	1.25	1,062	1137
BMR007	466,109	6,501,790	95	-90	0	94.25	0.75	1,478	1878
BMR008	466,139	6,501,514	96	-90	0	90.25	1.5	1,427	1167
						96.25	1	1,111	Not available
BMR009	465,992	6,501,417	96	-90	0	92	0.75	409	511
						94	0.75	521	523
BMR010	465,869	6,501,327	95	-90	0	92.5	0.5	587	857
BMR011	466,008	6,501,167	96	-90	0	87.25	0.5	834	Not available
						94	0.75	425	Not available
BMR012	466,242	6,501,889	95	-90	0	79.75	0.5	325	828
						84	0.5	389	692
						85.5	0.75	501	1327
						95.5	1.5	766	808
BMR013	466,400	6,501,958	95	-90	0	90.25	0.75	391	616
BMR014	466,521	6,502,072	95	-90	0	96	0.5	392	920
						101.75	1.25	1,488	3024
BMR015	466,615	6,502,179	95	-90	0	105.25	0.5	582	1594
BMR016	466,242	6,501,637	96	-90	0	95.5	0.75	478	652
BMR017	466,360	6,501,723	96	-90	0	85	0.5	381	1262
BMR018	466,494	6,501,812	96	-90	0	74.8	0.5	411	503
						85.55	0.75	775	2076
						87.3	0.5	429	440
						93.55	1.25	1,389	1662
BMR019	466,612	6,501,917	96	-90	0	83	0.5	311	417
						86.25	0.5	828	1205
BMR020	466,137	6,501,263	96	-90	0	88	2	584	Not available
						96.75	0.5	320	Not available
BMR021	466,278	6,501,350	96	-90	0	81	2	395	676
						91	0.5	265	176
						95.25	1	787	943
BMR022	466,384	6,501,464	96	-90	0	88.5	1.25	1,056	1153
						94.75	0.75	799	781
BMR023	466,509	6,501,563	96	-90	0	87.5	0.75	1,032	1505
						90.75	0.5	362	199
						92	0.75	759	862
BMR024						84	0.5	470	1256
						88.5	0.5	209	793
BMR025	466,760	6,501,764	96	-90	0	85.25	1.5	989	Not available
						88.25	1.25	1,436	Not available
						104	1.25	776	Not available
						105.75	0.5	273	Not available
BMR026	466,872	6,501,616	96	-90	0	76	0.5	759	1154
						80.25	1	717	1036
						86.25	0.75	593	1425
BMR027	467,279	6,500,423	96	-90	0	90.75	1	956	1665
BMR028	467,365	6,500,565	96	-90	0	85.5	0.75	736	303
BMR029	467,466	6,500,703	96	-90	0	85.5	0.75	1,297	1537
						98.75	0.75	702	1103
BMR030	467,515	6,500,756	96	-90	0	88.5	0.75	1,676	1969
						102.25	2.5	889	Not available

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BMR031	467,618	6,500,873	96	-90	0	94.25	0.5	466	114
						99.5	0.5	422	1045
						101.5	0.5	297	533
BMR032			96	-90	0	No significantintersections
BMR033	467,506	6,501,057	96	-90	0	89.2	1.5	478	486
BMR033					0	99.65	1	1,012	1102
BMR033					0	106.9	0.5	393	Not available
BMR034	467,451	6,500,929	96	-90	0	103.65	2	374	857
BMR035	467,359	6,500,774	96	-90	0	86.45	1	683	635
						101.2	0.75	252	720
BMR036	467,263	6,500,637	96	-90	0	85.45	0.75	976	1428
BMR036					0	100.45	0.5	267	409
BMR037	467,161	6,500,505	96	-90	0	87.15	0.75	995	1255
BMR038	467,573	6,500,813	96	-90	0	86.4	1	407	405
BMR038					0	90.9	1	991	1143
BMR038					0	94.4	0.5	308	412
BMR038					0	100.65	4	464	440
BMR038					0	106.15	1.25	410	532
BMR039	467,397	6,500,177	96	-90	0	92.2	0.5	742	802
BMR040			96	-90		No SignificantIntersections
BMR041	467,621	6,500,419	96	-90	0	85.2	0.75	762	691
						106.7	1.25	165	544
BMR042	467,683	6,500,553	96	-90	0	86.95	1	1,531	1332
BMR042					0	103.95	1.5	605	1389
BMR043	467,683	6,500,637	96	-90	0	86.2	1	1,353	1780
BMR043					0	96.2	1	491	672
BMR043					0	99.95	1	297	439
BMR043					0	105.45	2.5	1,394	4005
BMR044	467,780	6,500,698	96	-90	0	83.95	0.5	357	344
BMR044					0	93.45	1.75	875	1317
BMR045	467,811	6,500,766	96	-90	0	110.7	0.75	887	1100
BMR046	467,867	6,500,873	96	-90	0	97.95	0.5	417	569
BMR047	467,733	6,499,961	96	-90	0	88.45	0.5	559	Not available
BMR048			96	-90	0	No SignificantIntersections
BMR049	467,920	6,500,230	96	-90	0	85.15	0.75	910	1911
BMR050	467,992	6,500,365	96	-90	0	80.4	0.75	398	548
BMR050					0	85.65	0.5	484	286
BMR050					0	95.4	0.5	374	584
BMR050					0	103.9	6.75	524	940
					including	106.4	0.5	1124	1067
						109.6	1.0	1096	3208
BMR051			96	-90			No SignificantIntersections
BMR052	468,041	6,500,425	96	-90	0	78.95	.5	447	435
						86.7	0.75	1214	1477
BMR053	467,967	6,500,294	96	-90	0	86.4	0.75	665	308
						104.15	1	725	2727
						108.15	2	254	200
BMR054	467,181	6,500,881	96	-90	0	86.65	1.25	741	775
						91.9	1	1242	1522
1 - eU3O8 grade data derived from natural gamma downhole tool calibrated and operated by Borehole Wireline 2(South Australia). No top cuts applied. 2- pU3O8_grade derived from Boss’s Prompt Fission Neutron (PFN) tools. These have been calibrated to the groundwater and sedimentary_ conditions at the Honeymoon Mine Site.

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About the Honeymoon Uranium Project

The Honeymoon Uranium Project (Figure 3) is located in South Australia, approximately 80km northwest from the town of Broken Hill near the SA / NSW border. The Project consists of 1 granted Mining Lease, 5 granted Exploration Licenses, 8 Retention Leases and 2 Miscellaneous Purposes Licenses.

There are 2 main exploration regions: the Eastern Region (ELs 5215 and 5621) which hosts the Honeymoon, Brooks Dam and East Kalkaroo Resources; and the Western Region (ELs 5043, 5623 and 5622) which hosts the Gould’s Dam and Billeroo deposits.

The Project has combined JORC 2012 Mineral Resources across three main project areas of 40Mt at 650ppm eU3O8 for 57.8Mlb of contained U3O8. Including Measured Resources of 1.7MT @ 1720ppm eU3O8, Indicated Resources of 5.9Mt @ 810ppm eU3O8 and Inferred resources of 32.5Mt @ 569ppm eU3O8 reported above a 250ppm lower cutoff.

The Project also has a combined Exploration Target of between 32Mt to 78Mt at a grade of between 450ppm and 1400ppm U3O8 with a potential target endowment of between 42Mlb and 100Mlb of contained U3O8. This Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. See announcement of 8th December, 2015, for further information.

The Honeymoon Uranium Project is located in the southern part of the Callabonna sub-basin in South Australia. Uranium mineralisation within the project area is hosted by the Yarramba and Billeroo palaeochannels (Figure 3). These consist of Palaeogene age palaeovalleys filled by a sequence of interbedded sand, silt and clay). Thickness of the palaeochannels at Honeymoon deposit area reaches a maximum of 55m thick, and is around a depth from surface of approximately 110 metres.

The uranium mineralisation represents a classic basal channel type sandstone-hosted uranium roll-front model. This model implies the movement of oxidised, uranium-bearing fluid through a largely reduced aquifer, with mineralisation occurring at the redox front of the fluid. A geochemical zonation is associated with the roll front, including oxidation of the sands upstream (orange and yellow limonite) and abundance of pyrite/marcasites and organic matter downstream. Mineralisation is associated with discreet accumulations of organic matter and pyrite within the palaeovalley sequence.

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Figure 3: Honeymoon Uranium Project. The yellow shaded regions represent palaeodrainage channels which have potential to host uranium mineralisation and are the focus of exploration efforts.

For further information, contact: Grant Davey: +61 (0) 447 753 163

Competent Persons’ Statements

The information in this document that relates to the Exploration Data is based on information provided by Mr. Neil Inwood, who is a Fellow of the AUSIMM. Mr Inwood is a consulting geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as Competent Persons as defined in the 2012 edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr. Inwood has consented to the inclusion of this information in this document in the form and context in which it appears. An entity associated with Mr Inwood has shares in Boss Resources.

The information in this document relating to the Mineral Resources is extracted from the announcements entitled ‘Substantial Increase And Upgrade In Honeymoon Uranium Resource’ dated 20 January 2016 , ‘Boss Increases Honeymoon Uranium Project Resource’ dated 8 April 2016, ‘Maiden Resource of 5.2Mlb for Jason’s Deposit’ dated 14 June 2016 and is available to view on www.bossresources.com.au. The information relating to the Exploration Target is extracted from the announcement entitled ‘Honeymoon Project Exploration Update’ and dated 8 December 2015. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that, in the case of Mineral Resources or Ore Reserves, all the material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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Appendix 1 - JORC TABLES

Appendix 1 - JORC TABLES

JORC Table 1: Section 1 Sampling Techniques and Data

Criteria of JORC Code 2012	Reference to the Current Report
	Comments / Findings
Sampling techniques	In-hole radiometric uranium grade data was intially determined by Borehole Wireline with eU3O8determined from the down-hole natural gamma-logs and pU3O8. Additionally Boss is utilising it’s own PFN tools to obtain pU3O8grades which when properly calibrated reduce the efect of radioactive disequilibrium. All tools were maintained by specialised electronic companies and technicians based in Adelaide. Calibration for the PFN tool was regularly undertaken using in-house calibration pits available at the Honeymoon Project and for the gamma tools externally, at the certified calibration facilities at Glenside, ConyIngham St, Adelaide. Standard industry procedures were used for geophysical logging of the drill holes and estimation from thegeophysical logs for the eU3O8 (from thegamma-raylogs)andpU3O8 (from the PFN instruments) grades
Drilling techniques	The holes were drilled by Watsons Drilling using the mud rotary method. The typical hole diameter is 14.5cm.
Drill sample recovery	Not applicable. Calliper readings indicate that hole size diameters are predominantly consistent.
Logging	Chip samples are collected every 2m and piles are s photographed and geologically logged. Documentation has included colour, grain size, texture, sorting, alteration and oxidation state. All mineralised intervals were geologically logged with logging standards compliant with the industry standards.
Sub- sampling techniques and sample preparation	QA/QC of the geophysical data has included systematic control of the depth logged and control of the recorded U3O8grade values. Geophysical tools estimate uranium content at large volumes, approximately 25 to 40 cm radius. The volume is sufficiently large allowing accurate measure of the grade.
Quality of assay data and laboratory tests	Company Geophysical tools used to collect data include: • Auslog Gamma (with Guard) S422 • Prompt Fission Neutron tool PFN#27 • Prompt Fission Neutron tool PFN#32 • Gamma combined with guard S058 • Auslog 3 arm calliper A326 Borehole wireline tools used to collect data include: Natural gamma, Induction, SP, Density, Spectral Gamma, deviation and 3 arm calliper Holes were logged in down and up directions, which provided a good control of logging consistency. All geophysical tools were regularly calibrated, using in-house facilities and the certified laboratories in Adelaide. QA/QC of the geophysical data has included systematic control of the depth logged and control of the recorded eU3O8grade values. The winches in the logging truck have their depth calibration checked periodically.
Verification of sampling and assaying	The gamma-log data were additionally validated against the PFN logs. PFN grade data was only reported where there was a good correlation between PFN and gamma anomalies; and where PFN tool readings were considered to be robust.

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Location of data points	Positions are set out using a Garmin handheld GPS, after drilling. The projection adopted for surveying is GDA 94, MGA zone 54 with AHD elevation. All surveys were tied to the existing registered base stations. Topographic control was improved by Aerometrx Pty. Ltd flying 10cm pixel aerial photography which was rectified usingregistered survey points installed at site beforeplant construction began.
Data spacing	Drill spacing is approximately 100m x 180m. Uranium grade is composited to 0.25cm to aid in
and distribution	interpretation.
Orientation of data in relation to geological structure	All holes are drilled vertically which provides an accurate intersection of the flat laying mineralised bodies.
Sample security	N/A
Audits or reviews	N/A

JORC Table 1: Section 2 Reporting of Exploration Results

JORC Table 1:	Section 2 Reporting of Exploration Results
Criteria of JORC Code 2012	Reference to the Current Report
	Comments / Findings
Mineral tenement and land tenure status	The Project consists of 1 granted Mining Lease, 5 granted Exploration Licenses, 8 Retention Leases and 2 Miscellaneous Purposes Licenses. The Mining license expires in 2023, exploration licenses expire in 2017 (except EL 5043 which expires in 2016).
Exploration done by other parties	The Honeymoon deposit and surrounding areas of the Yarramba palaeochannel have been intensely explored and systematically drilled starting from 1969. The Honeymoon Project was evaluated several times, with the degree of details varying from scoping studies to bankable feasibility undertaken in 2006. Resource estimates have been made from 1998 to 2016.
Geology	Palaeochannel type sandstone hosted uranium roll and tabular style.
Drill hole Information	See previously exploration announcements and drillhole collar diagrams. The topography in this region is predominantly flat. All holes were drilled vertically with an average hole length of approximately 120m.
Data aggregation methods	Mineralised intervals were chosen based upon a nominal 250ppm U3O8cutoff and over 50cm for reporting. Consideration was given to mineralisation defined by a combination of PFN eU3O8and natural gamma eU3O8co-existent intervals.

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Relationship between mineralisation widths and intercept lengths	Drill traverses are oriented at right angle across the domain strike. Holes are drilled vertically down. All holes have been down-hole surveyed with only minimal deviation identified (e.g. <2m over 100m).
Diagrams	Appropriate and relevant diagrams have been included in the announcement. The following diagram illustrates currently drilled holes.
Balanced reporting	Balanced reporting has been adhered to. See previous exploration announcements.
Other substantive exploration data	Mineralisation is still open along the strike of the domain.
Further work	Sonic holes will be planned to enable a fuller understanding of practical disequilibrium and sedimentological conditions within the deposit. Chemical analysis of core will be an important step in validating the observed PFN grades and disequilibrium effect prior to use of this data in resource estimation.

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