Nice to see the CU price continuing a steady upward trend.I've...

Nice to see the CU price continuing a steady upward trend.

I've been taking my mind off the back pain by digging a bit deeper into how much of the planned 16k of drilling has actually been completed and what the near term future looks like.

Drilling

It seems to date we have drilled 1.7k at Kavanagh 8.2k at Nugent and at 1.3K at Spitfire. A total of 11.2k .

We spent $0.3m in Q421, $0.2m in Q122 and $0.2m in Q221 to achieve that so 11k for $0.7m. The remaining 5k won't break the bank.

Cash position

With the sale of the royalitles I'm guessing we are sitting on about $10m of cash so are well funded to complete the decline and the remaining 5k of underground drilling to get to a very robust 5 year mine plan.

Hedging

Hopefully while all that is going on the copper price environment stabilizes at a much higher price and any hedging that is necessary to satisfy the lenders will be done at a much higher price which dwarfs the offsetting cost of the royalties that was necessary to fund the delay.

As I said earlier we can't blame Lachlan for the dismal performance of the MC51 or the subsequent crash in the copper price in June.

It seems we are in very good hands and thanks to them haven't been thoughtlessly diluted and now are back on track to a debt funded FID.