Ann: Investor Presentation, page-3

Adams,

Alm hold shares in caravel.

Alm ceo is a director of caravel also.

If caravel and Alm merged, potential when everything Is drilled up is 3b tonnes ore / 6m tonnes copper.

Already Alm has nearly 1b tonnes if we use a lower cut off.

A combined Alm cvv could be Australia's largest copper play outside bhp.

There will be a tactical reason why Alm holds cvv shares.

It's a little strange for a little explorer to have that investment in a larger Explorer that will be mining within 5 years.

If we remove cvv and Canterbury investments EV is 7m

Also newcrests cadia will be out of ore in around 10 years.

A plant may exist. I'd add newcrest as a potential suitor due to them needing a new home for that plant at some stage.