Ann: Mt Flora Maiden Inferred Mineral Resource, page-42

on a positive note

quorn, absolon and flora are all close to each other.

massive potential to increase resource

first four holes to the North have intercepted significant sulphide mineralization up to 11. Wide from 20m to 200m. We need more results like this to come through and I look forward to the assay results for that as it looks promising.

On a negative note

I believe management are doing all the right things but to say they are already discussing/looking into outlining a PFS is absurdity. Where would you even start?

A PFS is mainly numbers but you need to decide where you might build infrastructure and how/where you'd construct the open pit. You certainly wouldn't decide to do this at Mt Flora after these results.

There is not enough copper there, yet.

The grades at 190m and below are ok but wouldn't be economical due to the lack of oxide material closer to the surface. The grade isn't higher enough to warrant digging that far down. We need higher grade from 0m to where we hit the copper at 190m to make this work

IMO I have good faith in management but they are trying to grab every lb of copper to make the resource look good when in fact the whole area needs to be further explored.

It's going to take time and money and a lot of it. Atleast we have the cash. They need a second rig to be secured and running ASAP inherited this is just going to take too long with their projects. Investors will lose interest eventually and the SP will stagnate.

more rigs, more news flow, more intercepts and I think Duke can do well but atm they are glossing up what they have so far.

As for the copper price, I believe it will stay elevated. Copper has a bright future with the global decarbonization push at the moment.