Ann: High Grade Copper-Zinc Confirmed at Evelyn, page-14

I could understand if they were dealing with a large capex for a porphyry operation or something more complicated. But they are seeking just over 70m which makes this one of the lowest capex requirements of a copper junior on the ASX.

The copper price is in a fantastic space (even now) and long term demand is unbelievably strong. We had numerous reports of how desperate metals traders were that they ended up prepaying for offtakes a few months back.

With all of this in consideration and what was released to market by ANX it's not unreasonable we all expected some positive news. I know these things take time so I was comfortable to wait a little bit but it did look like we had some promising news coming.

What blindsided most of us was them then proceeding to raise almost immediately after doing a previous raise, but not when the stock price was high from the tremendous macro tailwind....no they waited until AFTER the share price was in full retreat.

It just screams of reactive not proactive.

Just my personal opinion but I did not like how the last raise was done. It took me from super bullish to quite bearish. I hope to be wrong and that management can pull through on this.