Ann: $24M Placement and $5 Entitlement Issue, page-28

New money in doesn’t care about old money in. They are in it for themselves and had to be enticed in the current market. 4c sucks, but it is what it is. There is no benevolence in this game.

TBH, I am just happy that Barry is out as MD. The role was beyond him. We now look forward. Dwelling on the past and what has happened isn’t helpful at all.

A new team is driving us forward now led by Clive Donner (who has financed over 50 mines globally). The strategy has been revised and it is basically - no shortcuts this time. Complete a robust restart study and put it to the financiers in the format the latter demand. I believe this point was stressed at the recent AGM - as was the point that financiers are interested - but want to see expanded production that includes oxides and sulphides. Unless financiers are convinced that they are going to be repaid and risk is reduced to its absolute minimum - they won’t cough up the dough. This new team understands this point.

Management have tipped in A$1.2m of their own funds to back in their revised strategy. Their interests are aligned with shareholders. The cornerstone private equity investor, Pacific Road Capital Management - have clearly identified an opportunity and are wanting to see a return on their investment. Existing shareholders have been given the opportunity to participate if they want - otherwise there will be plenty of opportunities to buy on market at bargain bottom prices - which I will be doing to lower my average price. VA has been averted for now, but there is a ton of work to do. We will be coming out of suspension soon - so shareholders can access their capital again if they so wish - rather than being frozen in suspension any longer.

What’s done is done. I’m looking forward now. 48,000-65,000 tpa of copper production is significant. Compare this with peers for better understanding. Significant sunk capital reducing the overall capex requirement for the restart is critical when seeking to debt finance. Looking for $200m is nothing like seeking $500m or a billion plus like many hopefuls out there. No spec is going to be able to access more than a couple of hundred million (max) on their own.

I have reviewed every ASX-listed copper development play. The companies with more contained Cu metal than Cyprium have capex hurdles too extreme to surmount. They are 100% dependent on being taken over by a larger miner to proceed LT or will have to find other unique financing paths involving government, etc. Outright takeover or reduced project equity is the only way for them. Prove me wrong by showing me the financing path. Other plays have grade issues, small resources and short LOMs. The upside is capped. In terms of contained Cu metal, grade, capex requirements, sunk capital - CYM remains the most compelling Cu developer on the ASX. I have a spreadsheet with every play listed, so am happy to debate this with anyone if they wish. IF the new management manage to do the heavy lifting, obtain finance next year and complete the refurb - I have little doubt that a major will take them over in the future. This isn't over by a long shot, but it is going to take more time than many of us had expected.