copper, page-22

Obviously no one reads the announcements made by the company:

"The Phu Kham Operation is cash�]flow positive with copper production at design levels and
ramping�]up to meet our recently revised 2009 production target of 65,000t copper at an
average C1 cash cost1 of US$0.90/lb,�h

This company is cash positive and will be fine as we find a bottom in the commodities market. PNA Management is as best they come.

Finally, Goldman does not normally grant our debt facilities easily but they have given PNA a debt facility of $80m US as they can see good management.

This company is well run and management is first class.