Current break even in AUD is somewhere between $5 - 5.50. Copper...

Current break even in AUD is somewhere between $5 - 5.50. Copper 2 minutes ago was at $6.87 AUD so very comfy margin. We produce nearly 30,000,000 lbs a year so the maths is pretty simple. We are making plenty of $$$ at these prices.

Please note that when the copper price spiked recently we were NOT benefiting from it. We sell into a different market. So when you saw Copper hit $5.20 USD ours was getting roughly $4.45/4.55 USD. That spread has now pretty much gone. With the currency falling we are likely currently getting around the $6.50 - 6.60 AUD mark.

Also to note, whilst we still need funding for the new plant, we still have around 10% spare capacity in our current plant. We are fully funded to getting Jericho up and running and just adding that extra 10% of 'cheap' (less transport, shallower etc) Jericho ore into our plant to fill it up to 100%, whilst not 'free', will be very cheap to extract and largely flow straight through to the bottom line. Also due to the nature of the lower extraction costs from Jericho you may see AIC further rebalance production towards Jericho immediately if the new plant isn't ready at that point, simply to make more margin. ie potentially 20 - 30% immediately comes from Jericho, similarly less from Eloise, hence reducing the AISC and increasing profits. Essentially take less from the more expensive Eloise mine until the new plant is up and running.

I don't think the market fully appreciates this last point above.