Ann: Cortadera Acquisition Nears Completion, page-150

You are right about the location relative to infrastructure, but Winu grades are definitely not lower than Cortadera. They are slightly higher. Rio, using a lower COG (0.2% CuEq) than ours (0.25% CuEq), get to essentially the same CuEq grade (0.45%) as we have at Cortadera (0.46%). If Rio raised their COG to 0.25%, their grade would be higher than ours.



More importantly, their entire resource is way shallower than ours , at <=325 metres. And they have way more drilling (125km vs our 40km at Cortadera). And a high

"For the purposes of this resource, reasonable prospects of eventual economic extraction have been demonstrated to a depth of 325 m based on a resource model that utilises assay results captured from a combination of 286 reverse circulation (RC) and 104 diamond drill (DD) holes through to the end of 2019 comprising a total of 124,872 m of drilling."

What would the Cortadera resource look like if we constrained it to that sort of depth? Any guesses?

Have a read here before you convince yourself that bigger is better. https://www.riotinto.com/-/media/Content/Documents/Invest/Reserves-and-resources/RT-Winu-reserves-resources-2020.pdf