Ann: Response to ASX Price Query, page-7

Hi Ducky, it is always easy to get P#***^d at the irrational market. I have kept my eye on the copper supply/demand thematic in the near future and taken articles from the big investment banks with a grain of salt. These times are when we pick up great investments really cheap

i believe there is a transition out of fossil fuels and into new energy commodities including copper and the big investment banks and traders are trying to keep a cap on these new energy commodities while they rotate out of fossil fuels into these commodities. Yep, i believe we are amongst one big scam but happy to profit from it.

With the copper price around 4.20 USD/lb Hillgrove will be making circa 7 cents per share per annum (processing 2 mtpa and FX 0.7)

The closing share price today is 6.7 cents and we are only 9 months from production when the FID is made.

when we are in full production we can put a multiple on that 7 cents EPS hence plenty of legs left in this share price over the next two years yet.

I am picking an average Copper price this year of at least 4.50-5.00 USD/lb which makes the figures above conservative.

gltah