Interesting how the AC commentary has gone from 20,000t last...

Interesting how the AC commentary has gone from 20,000t last March to more than 20,000t last May to 30,000t last week at the presentation.

AISC last qtr was AUD $4.84lb. Copper is now roughly AUD $6.20lb. Last qtr the AIC average realised copper price AUD $5.48. In very simple terms our margin has more than doubled with the increased copper price.

Now say the copper price goes to AUD $7. ie around USD $4.60. 12,500t X 1,000 = 12,500,000 kgs of copper. That x 2.2 = 27,500,000lbs of copper.

At AUD $7 per lb and current AISC of AUD $4.84 then the net margin would be roughly $2 x 27,500,000. Makes roughly $50,000,000 a year profit.

My point is that if the copper price goes roughly 15% from here then we aren't going to need very much, if any, debt funding at all over the proposed and highlighted 2 year period.