Ann: FY20 Financial Results Presentation, page-46

How did you read this?

Want 4 to 5 operations.

Only have 2 at present. Adding Kairos to existing operation. Currently mine rather than mill constrained at present, so can boost mill throughput.

Is Federation added with a new mill, or by expanding/fully using existing mill? Latest exploration results at least raise Federation gold content.
Timing was not clear, but several years away. So could be third operation.

Look at Great Cobar as a separate copper project. Adds third or fourth operation, but needs even more work.

I thought he implied that base metal importance was rising at present and they wanted more gold production (as well as copper). That suggests they need another gold project probably by purchase if want to get to 4-5 operations without relying on exploration. Implication was they would look at gold project purchase if the numbers were right. Gives fourth or fifth operation.

Implied they might then offload least desirable operation to turnover assets. Presumably Hera would be first cab off the rank as currently least profitable.