Ann: Exceptional Drill Results at Greater Duchess 24m @ 5% Copper, page-218

If anyone is worried about the grade at Nil Desperandum, Lady Fanny or on any of the Carnaby projects have a look at the Caravel PFS, they are looking to set up a mine on a grade of 0.24% Cu. The ore body is 1.18 billion tonnes and will process 13.9 million tonnes per annum for 35,000tpa Cu with a capital cost of $700 million. It also gives me hope that the capital cost for a plant at Nil Desperandum/Lady Fanny processing 3 million tonnes per annum for 30,000+tpa Cu eq. will be under $200 million, also a lot more robust in times of copper price downturns.

The copper ores in the Mt Isa area are such high grade compared to many other projects around the world. The grade of copper mines is going down fairly rapidly and new projects are often low grade from the start.

Looking forward to some new drilling at Nil Desperandum, Lady Fanny and Mount Hope to add tonnes.