Ann: Investor Presentation, page-13

Copper closed at AUD $6.61 per Lb this morning.
AISC last quarter AUD $4.88 per Lb.
Margin of AUD $1.73 per Lb.
12,500t Cu = 27,500,000 Lbs X 1.73 = $47,600,000 profit at current prices of Cu and AUD. (assuming gold credits are in the ASIC)

Variables are a) Cu and gold prices. B) With Lens 6 production i think the next 4 quarters production will be significantly higher than 12,500t per annum. c) any changes to AISC, but they have been trending lower.

My simple point is with $27m in the bank still, and $$$ beginning to roll in like this how much debt / CR will actually be required? AC has said no dilution via equity CR, and he's said it to me directly and on every ASX release for the last 12 months. This might change, who knows. Any which way they need $90 - 100m for Jericho and the new plant BUT i see at least half of this coming from what they have in the bank atm and the probable $1m PER WEEK they are currently raking in as per the above maths.

Don't forget they need the $90 - 100m over 2/3 years not 1 year...so hypothetically if the Cu price rises another 20 - 30c in the next month or two i could see an announcement saying 'we are now self funding development of Jericho'. Say another 20 - 30c lift in CU after that and then another announcement saying the same re the new plant. Jericho and the plant developments don't forget are sequential in the plan.

Any which way i really can't see funding as being a problem at the current Cu prices and seeming copper mania atm. Getting the formalities of the funding finished any which way in the next few months i think will put a rocket under the AIC sp.

Just my personal thoughts.