Ann: Kanmantoo Economic Assessment Confirms Outstanding Potential, page-84

Hi M,

Some things are impossible to finance with debt, this is definitely not one of them. A good well researched story will always get finance if it meets a lenders hurdles. Lachlan has very carefully put together a stage one proposal that ticks all the boxes for finance.

The contractors and off take partners benefit from the proposal going ahead and may well be prepared to defer payment or provide funding.

The 500m decline is funded with a grant that is paid back out of copper sales and Komatsu and Pybar's work only gets paid once finance is in place and a FID is made. It seems to make sense to use the grant and the Komatsu and Pybar funds to redirect the MC51 to Mine development rather than work on sections of the decline that aren't on the critical path to get as far ahead as possible before FID.