Ann: ASX Investor Copper Day Presentation, page-19

A few points I have been considering;

Not that I think there will be a change of strategy in relation to the use of the SX-EW vs concentrator but with the copper price the way it is, at what point does it just become to compelling to have that massive concentrator sitting there unused, surely it would not take too much to bring it back to life.. pretty sure its capable of doing 50,000 tonnes a year... imagine what that would do to the share price.

Its been pretty well documented that there has been a delay to the restart study and the criticism is probably fair to a point, however I think once the WA domestic and international borders open up Barry should be able to find quality people for the senior management positions and things should really start accelerating. However look at nearly ever PFS/DFS/study that's been released lately and majority of them have been late and costs higher then expected. Personally I would rather a late study that is comprehensive then a rushed one that has to be re done constantly.

Its difficult keeping faith at the moment with the copper price up, share price down and a delayed restart study. However I really think that this time next year when we will be discussing the next 4c report and all the money we are going to be making as well as probably a soon to be released scoping study for Nanadie well we will all be kicking ourselves that we didn't buy more at 18 cents.

A few of Barry's comments

• We are mine developers and builders and we think we are pretty good at it
• I know we can produce Copper metal plate at the lowest price
• We will be producing copper at the end of 2022.

If you believe Barry then everything else is just background noise.