Ann: MD Presentation to AGM, page-3

15 years ago the copper price was around $10,000 a tonne and if it had stayed there the giant pit would have made massive profits for shareholders.

It did OK in the early years and circa $20m of franking credits are there for current shareholders.

It did badly in the later years when the copper price dropped which is more good news for current shareholders because of the carried forward tax losses.

Future tax benefits and the franking credits are worth more than the current market cap.

The following slide in Lachlans presentation tells the story.

Planed the Giant pit in a $10,000 cu price environment and had to execute it when the price was at $5,000 or $6000.

Déjà vu indeed the UG is being planned in a $10,000 environment and if the cu price does anything like what the forecasters are projecting it will be a jackpot event.

UG is a different story to open pit as the cut off grade can be optimised during the execution stage if the cu price environment changes



I was pleased to learn that annual production will be increased when Nugent is mined from a separate decline in conjunction with the Kavanagh and Spitfire lodes.