Ann: $6m Funding Agreement For The Sale of Kanmantoo Royalty, page-39

I understand the logic of this 6mill deal and am optimistic it will be for the better in the long run. Hopefully.

I do however feel the narrative from management is lacking and some what contradictory.

The mines still robust but we can’t get finance? It’s clearly not robust enough to handle a 15% copper price reduction.

Freepoint’s commitment shows confidence in the mine but not enough to fully finance it? This is a great deal for them if copper prices tank we will be further in the hole and at their mercy in any future negotiations, if they rise their % becomes a lot sweeter.

Lachlan outlined a plan and timeline to FID we he hit that timeline and we’re greeted with silence. Now well past that date we are given a new plan with little explanation and no timeline? This isn’t a minor thing to change without detailed explanation to shareholders.

Basically they have secured finance to pay wages and pour more money into a mine that at this stage is not financed and therefore not guaranteed to go to production and I guess they will let us know at some point when FID is expected. Perhaps halt mine expenditure until you actually know you can fund it to production it’s currently not viable bottom line.

6 months ago we were the next copper mine, low start up, low production cost, robust, tax credits etc etc. Talk is cheap my investment here is significant for me hopefully my confidence in management will be restored but the reality is we are at the mercy of copper price and free point.