Ann: GBR investor webinar with Corporate Storytime, page-8

I have heard Andrew mention two years for a mining lease before. There is a lot of work involved in the preparation of a mining application before it can be submitted, however according to the departments guidelines the approval process should not take that long.

I guess it could take two years as some of the environmental approvals are fairly open ended and targets are often not met, often due to errors in the application but also due to holdups in the department. However according to the departments targets below, if all went perfectly you could probably get it through in as little 95 days for a low risk proposition or 130 days for a high risk proposition.

In relation to Ironbark, they are probably not in a position to submit a license for at least six months as all the required information will not be at hand until then, but maybe they could prepare and start the application process in anticipation of submission early next year, that way they are more likely to get it right so that it progresses through the system quickly. Early cashflow from Ironbark would be very nice and help to fast track Mulga Bill.