Ann: Activity Report for Quarter Ended 30 September 2019, page-14

Hi Kingston,

I presume the $16m cash generation you mention is for the Sept quarter. If so I hope you are right.

I've got monthly revenues circa $7.5m with operation only expenses ( T&R, T & S, processing, other direct costs & royalties) coming in around $4.3m /mth.

Which leaves $3.2m/ mth for Corporate costs, Cap EX, Exploration, Creditor Reductions and with any luck a small surplus.

Hopefully everything that can go has already gone wrong and we are in for a bright future.

With nothing emerging to scuttle the PHES agreement the current share price is more than covered by the those sale proceeds and the franking credits.

Buying at todays price you get everything else for nothing.

Everything else of course is all the ingredients owned free and unemcumbered to support a copper producer with revenues of circa $400m/annum at todays prices.

The plant and other infrastructure is definitely there and there is no reason to believe the copper and gold is not there. Add to that the fact we are told that a number of viable pathways to funding have been determined then you have massive potential to multi bag from here.