Ann: Noosa Conference Presentation, page-113

I actually agree, I think a doubling of the resource (and perhaps more) is very likely this year due to the infill drilling occurring for copper we already know exists from last year, plus the new copper we have confirmed with previous announcements which assays are pending for. Very optimistic on getting close to that 50mt target.

We know from the previous "pump" earlier this year that right before the MRE the market expected 50mt and the price was around 20c in anticipation of that. Makes sense as our share price is primarily a discount rate % of the in ground value of the copper. Discount rate % won't change until we see progress on DSO, but if we assume it stays exactly the same as now it's still a % based figure and therefore when the copper goes up, so does the assigned value. Small amount of value assigned for the Indium.

So if they do hit 50mt this year, with the copper price higher it's a fair assumption we could be sitting on a nice bump prior to next year's season.

That's not taking into account any advancements in DSO which would de-risk this and therefore increase the % assigned. Or any speculation which I have tried to remove from this valuation model.

Very optimistic for the end of this year, after all the work has been done and the market can properly digest it. Tons of assays to come back but more importantly, let's see what the MRE actually expands by. That's the real figure to watch for as the SP appears to be driven by that now mainly.

When did you turn bullish?