full year accounts out

REVIEW AND RESULTS OF OPERATIONS
Highlights
• Lady Annie Operations was completed with the commissioning of the Electrowinning and Solvent Extraction
facilities during the second quarter of the financial year.
• Lady Annie Operations crushed and stacked 2,006,052 tonnes of ore at a grade of 0.96% of which 11,082
tonnes of copper was produced during the last three quarters of the financial year.
• As of 30 June 2008 the estimated inventory of recoverable copper contained within the heap leach and in
solution, and capable of being recovered within 12 months, was 6,049 tonnes of copper.
• Net revenue after accounting for hedge contracts were $82 million for 11,074 tonnes of copper sold.
• The Cash Cost (C1) for the year was US$1.08/lb at an exchange rate of AUS to USD of 0.8965.
• Lady Annie Operations gross profit of $42 million.
• Lady Annie Expansion Project commenced mid January 2008 and on completion will enable Lady Annie Operations to ramp up annual copper production to 30,000 tonnes cathode by mid calendar 2009. The expansion project remains on schedule and budget and will be completed at the end of September 2008.
• The Lady Annie Project Global Mineral Resource has increased from 33.1Mt at 0.8% Cu for 294,400 tonnes of
contained copper (September 2007) to 40.5Mt at 0.8% Cu for 350,200 tonnes of copper (September 2008) with the later numbers taking in account the mining depletion at Mount Clarke and Flying Horse.


REVIEW AND RESULTS OF OPERATIONS (continued)
Lady Annie Operations
The Company has developed the Lady Annie Operations located 137 km north of Mount Isa in Queensland. Mining
operations commenced at Mount Clarke in early May 2007 and first copper was produced in October 2007. The focus of mining activity remained on the Mount Clarke and Flying Horse mining area for the entire reporting period.
The Expansion Project entailed the implementation of additional Electrowinning and Solvent Extraction capacity and associated works to expand the existing operation’s production capacity from 19,000tpa to 30,000tpa.
The project remains on target to be completed within budget during September 2008.

Exploration Activity
CopperCo’s objective post the Feasibility Study was to develop the resource base sufficiently to support an early
upgrade of copper production capacity from 19,000 tonnes per annum to a minimum of 30,000 tonnes per annum
through a clearly focused exploration and development programme during 2007 - 2008. This objective was achieved
early in 2008 and underwrote the decision to proceed with the expansion.
The exploration focus now shifts to evaluation of the sulphide mineralisation below the copper oxide ore bodies at Lady Annie, Flying Horse and Anthill and the wider potential for nearby oxide copper potential in and around the designated ore bodies that constitute the mine project. The objective of this activity is to assess the potential to lift production beyond 30,000 tonnes per annum.
Through an aggressive exploration programme during January 2008 to June 2008 the Company focused exploration
activity on defining Mineral Resource estimates at the Lady Annie Chalcocite area, below the Lady Annie oxide copper deposit, at the Flying Horse Extended area, immediately northwest of Flying Horse and the Lady Brenda area where an oxide copper resource was recently defined.
The global Mineral Resource estimate (Measured, Indicated and Inferred) currently defined for the project comprises a
total of 40.5 million tonnes grading at 0.8% copper for 350,200 tonnes of contained copper which includes both oxide and sulphide mineralisation. The Resource has more than doubled compared with the Mineral Resource estimate for the inaugural Stage 1 project phase of 17.2 million tonnes grading 0.9% copper for 162,600 tonnes of copper. Seventy four percent of the current Mineral Resource is classified in the Measured and Indicated categories.
Ore Reserves and mine inventory (Reserves and Inferred resources within the pit outlines) have also significantly
increased since Feasibility by 26% and 28% respectively. These figures include mining depletion from Mount Clarke
and Flying Horse.

Operating Results for the year
The consolidated entity recorded an operating profit/ (loss) after income tax of $5,201,208 (2007: ($55,648,674)). No
income tax is payable.