Ann: Suspension of Operations at Nifty Copper Mine, page-35

The important thing to me, is that it appears we are not placed in the position of being a forced seller.

Nifty can be “strategically reviewed” as follows:

“We have plenty of cash, so don’t have to sell. But if you wish to buy it, you need to bid as follows:

a) discounted value of an assumed operating mine at US$3.50/lb copper price (assume mine re-opens in 2022 at this price)
b) lump sum payments if copper hits US$4.00/lb and similar sliding scale up for price hitting US$5/lb etc
c) priority right to process any MLX Paterson copper discovery through the Nifty mill, if mine is operating

otherwise we just hold on our books awaiting the upcoming copper boom and/or next big Paterson discovery”