Ann: Appendix 5B Cash Flow Report, page-13

Which of the following activities is unimportant to you?

The Nifty copper project site incurred $8.7 million expenditure during the September 2021 quarter,
including personnel, RC, diamond and sonic drilling, technical and base line studies, surveys,
metallurgical testwork, engineering, camp refurbishment, maintenance and administration activities.

This mine won't magically appear. It needs to pass governmental approvals, be financed, constructed etc. Firstly there is an enormous amount of time and money just spent on compliance. Local, State, National and International legislation that needs expert reports to comply with. Then there is a plant they are refurbishing. They need people to assess the plant, make repairs, engineers to specify what needs replacing, documents need to be drawn up for tenders, contractors need to be engaged, all staff need to be onboarded. You need safety officers, training officers, project managers, operators, laborers, cooks, cleaners, drivers, talent scouts etc.

That's where the money is going, and all that information is available if you do the research.