ann: copper exploration update, page-4

Solid announcement indeed!

Wasn't expecting a maiden JORC resource to be announced for another few months

Grade is king, and 2.4% Cu is very healthy

Remember this is just the beginning folks. The first 9 holes have yielded a maiden JORC resource of 25kt Cu 18koz Au 440koz Ag

The Cu in-situ is worth roughly $188m, the Au $29m, the Ag $14m

Remember the SLR mantra "if we find it we mine it"

I'd say we could be looking at a 50-75koz Cu JORC resource by the time the assays from the full 50 holes are returned

A possible strategy will be to mine the gold layer open pit, use the proceeds to pay for the copper circuit at Tuckabianna, then mine the copper open pit before heading underground for the copper

Ideally we would like another 2-3 Hollandaires to enhance the economics even further, but by the looks of it, a copper circuit will be economic based on Hollandaire alone

Cheers