30.3 mt @ 1.70% cueq, page-59

It is true that the individual reported %'s of Cu/Co/Au in the resource is indisputable, within the limitations of calculations under the JORC requirements. However, from these 3 values a summary statistic CuEq% is calculated from a formula contained in the recent update. This is a convenient number (one instead of three) but care should be taken in (1) comparing companies as they may use a different formula & (2) calculating a $ value of the resource.

For example in the CDU formula the multiplier for CuEq% of Co(ppm) is 0.001232. This would appear to come from

(%Co recovery/%Cu recovery)(Co price/Cu price)/10000

For valuation purposes the anticipated prices at time of sale should be used but who knows them? Not me. And it would be more confusing to update the formula using current prices as this would change the CuEq% over time even though the resource has not changed.