Constructive Dialogue: Copper M&A the Cupboard is Nearly Bare, page-22

Thanks for the analysis, Clark.

I recommend that you read the independent analysis of Kalkaroo that was undertaken by BDO/AMC. This is an independent assessment by experts who look at a lot of projects. The document was released by Havilah on 31 July 2019. BDO/AMC applied a higher copper price but ended up with a lower valuation for Kalkaroo than Havilah did in their PFS. They came up with a mid point valuation of around 23 cents.

The Hudbay slide is interesting reading. The problem is that it is a listing of undeveloped mines. The reason why many have not been developed is because of their low grade. It only details projects in the America's so ignores a host of lower grade projects in the rest of the world.

These are constructive comments.

TOD