copper confusion, page-164

Hi all

I have sat back and watched how the comments have evolved (and moderated) so thought that I should contribute on a few things from my perception of the world.

There is no doubt that there will be some very high grade portions to the deposit that will provide the high grade native copper feed proposed. The information provided in presentations etc show this in the block model and in the data. So no doubt there will be periods of very high native copper production. The deep costean showed that there is some "edge" effects that are hard to quantify so there may be some additional material there. The costean also showed the complexity of the ore where there is copper carbonates, chalcocite and native copper all together so to extract all the copper the relevant sections of the plant will be needed to be completed and commissioned.

There is no information of grade/tonnages for the different ore types (which are part of the block model) to understand just what is potentially there.

The reporting of CuEq for intersections does concern me as the cobalt is yet to be demonstrated as extractable in oxide ore and if not able to be extracted we should see this reflected in a DFS. Resources are just that - what's in the ground without mining related consideration or treatment except a reasonable expectation to be able to be mined.

The drill results for the wide diameter bores are not likely to be suitable for use in any resources because of the very nature of the sample collection, and even the company has said that follow-up diamond drilling is needed to provide better data. Open hole percussion in wet ground will give qualitative info on mineralisation but has been pretty well demonstrated to be unreliable for accurate representation of grade for a number of reasons. The twinning of the holes indicated this as far as I could see.

The optimised pits with a life of mine strip of~3:1 are controlled by the ore grade at depth, not at surface, and grade is king to push these down. When you look at the x-sections in the releases you can see that the strip ratio increases dramatically with depth so deepening of the pits will need some good grades and tonnage to base this on. Pit angles appear to be ~overall 45 degrees so for every meter deeper, it becomes a meter wider. The plans that show the waste rock dumps encircling the pits will indicate how far they can go wider with pits before they would need to relocate the dumps to go any deeper. Increased tonnage is not a problem but is this just on the current resource or a bigger scale operation. That mine area looks very constrained for space to me.

Also, as a resource is depleted of metal above the average grade the remaining resource grade decreases. As an example, If a reserve model shows that 25% of the resource contains 50% of the metal, then the remaining resource grade will be two thirds of the initial average grade. If the honey is up top then the deeper stuff becomes harder if grade is not there as the strip ratio kills it.

Wilgar has some spectacular grades but without any met test work who knows what can be extracted. I would not be surprised that simple gravity will get most of the coarse gold/telluride/silver but the reported moly and uranium are different fish. The info to date does not make this a game changer for the operation but rather a small sweet addition. I cannot see this ore going through the plant they are building at all.

Anyway - thought I would put this up as grist for people to chew over.

I am sticking to facts as presented and just fleshing them out a bit.

Tuskie