Atrum Coal Limited advised of an interim update to the resource estimate for the Isolation South deposit at its 100%-owned Elan Hard Coking Coal Project (Elan Project) in southern Alberta, Canada. The 2020 drilling program at the Elan Project focused solely on Isolation South. The program comprised 125 rotary air blast (RAB) holes, 35 large diameter core (LDC) holes and 6 HQ geotechnical and hydrogeological holes. The RAB holes were completed across a typical spacing of 100 to 200 metres. The LDC drilling was designed to reduce the spacing between coal quality data points to around 250 metres; it achieved this along with excellent core recoveries. The program had both an infill and extensional focus, aimed at significantly upgrading resource classification and potentially also expanding the Isolation South resource base. Coal quality testwork is continuing at several laboratories. The comprehensive coring program in 2020 (35 LDC and 6 hydrogeology /geotechnical holes) resulted in over 400 seam composites being sampled, prepared and submitted for testing, with the seam composites combined from discreet ply samples. The interim Isolation South resource estimate has been prepared based on the raw and clean coal quality data that was available as at November 2020, with a minimum requirement of at least the raw quality test results completed for a valid coal quality point of observation. Of the 35 LDC holes completed in 2020, 21 have been completed to at least raw quality testwork, while 12 have been completed through to testing of clean coal composites. Coal quality data used in the geological model is also incorporated from two hydrogeology /geotechnical holes and 15 cored holes drilled historically by Scurry Oil. Coal quality attributes for the coal resources reported are summarised in Table 5 below, as determined from individual grid models for each quality variable on an individual ply basis. Coal quality attributes are reported on an air-dried basis and weighted by resource tonnes. Coal core samples from the LDC program were submitted to GWIL Birtley in Calgary for detailed coal quality, washability and clean coal laboratory testwork. Additional clean coal analysis is being completed by COALTECH Petrographic Associates, USA (for clean coal characterisation tests). Blended products are designed by Atrum and prepared by Birtley for delivery to coal carbonisation laboratories in Europe; DMT Coal Coke Group (Germany) and INCAR (Spain). The data acquired from the coal quality testwork has been used to generate raw and clean coal quality grid models, and the data will feed into the Coal Handling and Preparation Plant (CHPP) design, and determination of practical processing yield and product specification within the current PFS. The core objectives of the 2020 exploration program at Isolation South were to demonstrate structural and coal quality continuity of the four seam groups over the pit shell extent identified in the Scoping Study, upgrade resource classification and to acquire the necessary data to underpin key Elan Project Pre- Feasibility Study (PFS) workstreams (including mine planning, plant design and product strategy to market). These aims have all been achieved. The significant increase in Measured and Indicated resources at Isolation South provides the potential for declaration of a substantial maiden Coal Reserve in accordance with JORC (2012) following the targeted completion of a successful PFS by mid-2021. More immediately, the magnitude of the classification upgrades delivered with the interim Isolation South resource now allow us to enlarge and enhance the production target from the Elan Project Scoping Study (April 2020). These outcomes are set to be presented in an Updated Scoping Study targeted for release next month.