Ann: Annual Report 2024, page-15

Pretty bang on Ash.

And just to add having re read the quarterly, yet again. They mention 'Transformational Discovery' twice in the quarterly and similarly in the annual report. They go on to define this as being decent tonnage and at greater than 2% copper. Got me thinking re M&A and available capital;

This brings me to Sandy Creek, Artemis and Roberts Creek. Currently they all look interesting but at this point they are hardly 'Transformational Discoveries'. You could average them out on a good day at 1.4% copper atm. This is very likely to rise but i would be surprised if they go through 2% Copper even as a resource. They are also 20 km West of Eloise, fair distance but doable, but a box cut and new infrastructure out there would cost a fair bit....especially when they have to spend $$$ elsewhere.

Back to the word 'Transformational'....the Eloise and Jericho resource currently stands at 2% Copper. (471,000 tons of it)...that's between 20 - 40 years supply at current depletion, which isn't actually happening (Depleting....they keep replacing it!)

My point is simple; they aren't going to spend $$$ on developing Sandy Creek et al UNLESS it can displace lower grade ore from Eloise and Jericho. They already have loads of 2% ore....they literally don't NEED anymore or certainly not 20 km away in a new mine.

So perhaps we are looking at this wrongly. If the Sandy Creek area results this month come in decently then perhaps they will look to sell it to fund the plant? Hypothetically they could get the grade up to 1.4 - 2% copper, a shallow resource, open in all directions and get what for it?

Or possibly spin it out on the ASX? Any which way its just a possibility that our excitement around Sandy Creek might actually turn into $$$ to fund the new plant by selling it?

Think they have plenty of balls spinning atm.