Ann: Cockie Creek broadest intersection of mineralisation CCDD007, page-40

I ran some figures yesterday trying to justify buying a few shares today.

Cockie Creek has a historical resource of 13Mt @ 0.42% Cu with a cut off grade of 0.25%. That is a (give or take) 40% profit margin on each tonne. 54600 tonnes of contained copper, at roughly $8500 usd a tonne (current price, pre-copper shortage) that's 464M usd, or 700M aud. Which means, Cockie Creek should generate 280M aud revenue during its operations.

Now think of how many aditional Mt we added with a 250m intercept, most of it above cut-off grade. Add Cu and Mo credits.

Cockie Creek alone is worth lots of money.

Then we have Steam Engine, with around 120000 ozs of shallow gold, worth around 380M aud at the current price. Keep in mind, gold is only going to go up (NST has been hedging gold this quarterly at 3450 aud an oz for 2027, that's after the sharp discount for hedging). Operating costs of the pit aside, Steam Engine has at least 200M aud in it, with a high potential to increase subtantially.

And that's all ignoring Bottletree, which is the game changer here once its defined.

Yes, Peter may have been sleeping on the wheel for a while, but the company is severely undervalued based on what's on the ground and I cannot find many companies with growth potential similar to SPQ.

Moreover, the whole marked has taken a serious beating, with many solid companies down 60-70% from their peak. Yes, it sucks, but we are not alone or this is just an us thing.

So in conclusion, I will be buying again, I think we are at the bottom and that 2024 is going to see us go up.