Ann: Diggers & Dealers Presentation, page-15

Caught parts of the presentation but not all. Key takeaways:

- Degrussa - didn’t hear much of the gold op (think I missed that bit) but seem fairly confident on new copper exploration.
- Black Butte - legal challenge seems trivial but seems like it’s going to drag on for a couple of years... they should be able to do some drilling and add value whilst it proceeds
- Adriatic / M&A - heard nothing but as I say only caught parts, Karl ran to time so no Q&A

- Botswana - bullish AF. Decision to mine mid November so you might get a A4 MRE in the next two weeks or they drop the full feasibility and MRE around mid November. Rigs heading out to A1 which looks very much like A4. He down played grade of A4 saying around 40% better than T3 whereas I was picturing double.

I *think* I heard him say that have a A$400m treasury which would be massive. They’re working with financiers for their projects and they’ve awarded a bunch of contracts for mining / EPC.