Emailed response from management today. Peter is quite generous...

Emailed response from management today. Peter is quite generous with his time.


Me - ”Have recently read through the AGM presentation and have a few questions in regards to the information and progress of bottletree, if you have a spare few minutes to answer where you can?”

Peter - “I would normally provide more detailed answers. However, we are in an exceptionally busy period at the moment.”


See questions and answers below:

Q- is the “reduced” porphyry system a negative or a positive (please excuse my lack of geological knowledge)? Is this new model developed by Dr. Corbett?

A - The reduced porphyry character is absolutely a positive. Some Australian examples are Boddington and Winu – have a look at the value and significance of these deposits.“Reduced” refers to a broad chemical characteristic of the source magma from which the porphyry is generated. However, reduced porphyries are not as widely recognised or thought of during the exploration process, as the science is a relatively new development. We recognise the distinction, so this is actually also an exploration advantage for SPQ.Our recent work on these systems has been separate from our work with Dr Corbett.

Q - will there be bottletree drill results before years end/Christmas?

A - If we receive assays at least one week before Christmas and provided there are no other matters that affect the timing of release, assays that are available will be released.Timing of release is always within the legal requirements of continuous disclosure.We have not received any assays for Bottletree yet.

Q - is the company still directing majority of its resources into bottletree in the hopes that it still has major geological potential? Or has there been a slight direction change for the company and its resources? What is the priority for SPQ at the moment/longer term?

A - Only a short answer is possible atm. Bottletree is still highest priority at Greenvale. However, Cockie Creek has very positively surprised us – I have stated before “has exceeded our expectations”.One of our aims this year was to make a start on a second porphyry and we have been very fortunate to have done so. There’s always a lot of risk, which is the inherent nature of the exploration sector.SPQ remains focussed on Tier 1-potential copper and will act on the company’s other assets (such as Ni) to maximise value and returns to shareholders.”