Ann: 2023 AGM Presentation, page-35

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surfmore

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09/11/23

12:35

Post #: 70807772
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Originally posted by charl: ↑

So for those that missed the meeting the salient points not in the presentation gleaned from either direct questioning in question time or coffee afterwards
main answers provided as expected by RW

1 Issue of Glencore closing down (2025 as per their Oct official announcement )
This has been as a fairly large part of the big departure of shareholders
RW said we not only have an alternative but talks with Glencore are still very much alive
Didnt and couldnt go too deep into it but there will be a silver lining in this
One point was QLD gov flying around to prevent job loss and keep the conc and refining going in Mt ISA
This could be a very big silver lining for us but he did not wish to discuss too much about it
He also mentioned that current scoping studies include rail link to Mt Isa particularly offloading at the other end
He confirmed the 4 concentrator units could be operated seperately (good for us if we find a way of having one dedicated to us )and seperately
in off record discussion said we should have enough feedstock for this (his opinion mot as a fact)
2 Issue of mining
Q Very direct Will we be mining
A Yes and in 2025
He put in a caveat that it might not be Carnaby mining-and that they would do what is right right for shareholders (the directors are obviously major shareholders )
3 The gap
Q is this still alive and could something like iron be the source of polarisation
A1 No it is not dead It is very much alive but want a better picture of geo physics before further drilling Complex stuff (too complex for me to follow what was said )
A2 Almost certain it is not Iron
Near geology has the markers copper bearing rock and an exit point has been discovered with copper

4 On lack of recent results
Glossed over a bit but we have been down to one operating rig and are currently at one diamond and 1 RC and dont anticipate going to 3 again
90 % of recent drilling has been extension drilling
Will drill to dec 15 then close for Christmas
Did not count the Gov funded drilling in WA as part of this
Winabaru will be a big exploration focus shortly (should be in the presentation which i have not read
5 Scoping study on track to finish Q1

6 WA if WA was a seperate listed company it would have a MC of 30/40 mill
Please bear in mind I do not have geo or mining skill sets and I can get things wrong so you are hearing things by my interpretation

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That's great Charl.
They are excited by Devoncourt.
Junior Geos did the first work there for Rio, and they are hopeful they can unlock it

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Ann: 2023 AGM Presentation, page-35

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Ann: 2023 AGM Presentation, page-35

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