Ann: Kanmantoo Underground Decline Progress, page-43

Thanks mate.

I heard of HGO at the Freo presentation and chatted to Peter Rolley there for quite a while.

Subsequently I did the research which I based my buying on.

Pre the Dec 21 Economic Statement and new underground mining plan it looked to me to be a sound but uninspiring story. However, when you look at it from here on, as a new underground miner, with huge amounts of capital already invested and not fairly represented in the market cap (for reason), then you get a much more positive story. Especially on rapidly rising copper demand (EVs), and price.

To be a wonderful story, it simply needs to keep drilling as it mines and prove up a bigger resource and longer Life of Mine.

Because so much has been spent over the years it has been mining open pit, the capital costs of re-start are really trivial for what it will have! (And it would seem - already financed).

Those dollars spent previously really were not reflected in the market cap, as the open pit operation was winding down and becoming uneconomic. Now, looking at it as a "new near term producer" with an underground mine and very positive numbers, at little spend, sees it in a totally new light.

Once they start to prove up the bigger resource, this will be favourably compared with other small copper producers that generally have a higher AISC.

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