Ann: Half-Year Technical Update Presentation, page-3

Slide 15 was interesting.

BHP conceptual open pit optimisations have been re-run for increased gold and copper prices. On the basis that lower grades of Kalkaroo ore can be profitably treated if metal prices are higher, re-optimisation results in a larger conceptual open pit and hence improved mining economics and a potentially longer mine life.

By my simple maths, 184Mt at 0.42% Cu and 0.36 g/t Au (before recoveries):

772,800 tonnes copper (BHP mining inventory) vs 474,000 (Havilah JORC Ore Reserve)
2.1 million ounces gold (BHP mining inventory) vs 1.4 million (Havilah JORC Ore Reserve).

The potential revenue contribution from other by-product commodities such as cobalt, rare earth elements and molybdenum has not been incorporated due to as yet uncertain recovery pathways.



Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts