Ann: Investor Presentation, page-94

@Bayhunter

Wasn't suggesting the operation would be $3/lb. We don't even know the final shape will be, but a large scale mine like this, with all the infrastructure in place should have a relatively low AISC. Smaller scale operators (HGO, AIS etc) have AISC's of close to $5 but they are often underground operations with low grade resources making concentrate in the main.

There's no doubt the start up AISC will be low - that Matts point. What that figure is just a guess at this point. But AISC stands for ALL IN sustaining costs, so the current spend should be included.

Whatever way you skin the cat, it will generate positive cash flow fairly quickly. We'll have to await the FID for the figures. But agree with you - ASAP

The point I was making was that your discussion around the AISC was based on an old MLX losing operation, which was underground.

This is a completely different proposition. So the AISC you had quoted of $15K/ton (~ $7/lb) was simply comparing apples with pears. WTGR.

I think Matt and the crew will not look to further dilution (hopefully). That's why they have fellas like Ross Bhappu and Scott Perry are on the board with contacts in the finance sector. Their stated intention is to get finance (see the recent presentation "Key Timelines" mentions finance).

The trouble with the last crew was that they hit the market just as the debt market closed up shop as interest rates spiked and then everyone compared them to MLX's failed operation (the endless spruiking by Barry did not help, nor did it help they didn't see the contraction coming). This time it will be different as those markets are stabilising.

Remember, this mine has generated 760,000 tons of copper with another million to go. It's the only one of the smaller ASX listed copper companies that has that size resource, yet those minnows are making a go of it. If the smaller ones can do it, so can we.

Cheers