My notes from the project summary that Dave gave after the...

My notes from the project summary that Dave gave after the formal business of the AGM yesterday. I think these are best read in tandem with viewing of the video that Mixie posted on this thread at 7:11 today. Happy reading…

Lots of big milestones in the next 6 months. Lots of news to come before drilling re-starts in Storm. Keep in mind that Lightning Ridge and Thunder aren’t resources yet.

Feedback from Europe was to not put the maiden resource estimate out in Dec - it will fall flat - markets are effectively asleep at that time of year.

Copper Warrior drilling has now finished - 10 holes. Results before Xmas. Then we will see the resource after that.

Tempest: Final geophysical data just received - it is 40km South of Storm.. Weather limited the EM data but there is 4km of Gossan. They took 4-5 samples at random points. It’s not identical to Storm but has similarities and the EM should still be a good indicator. Expect to see something in the next couple of weeks. There are four EM targets that haven’t had a single drill hole into them yet and the EM can only see 2% copper - not 1%.

Deep copper system: four out of four holes have hit copper at 2% and the footprint is 100 sq km so there is zero chance statistically that there is no more copper. The grade of the copper in these deep deposits is very high & the scope is enormous. (I missed some of the preceding dialogue to this statement as I was typing up the previous point). Dave also expects near surface to grow exponentially in the next few years - expect continuing growth in known resource for next 3-5 years.

They are working on a couple of other beneficiation methods but still heavily focused on the ore sorting.

Copper Warrior - very exciting, Cu sticking out of the ground everywhere. Initial drilling programme worked through without a hitch. Lisbon valley mine down the road is knocking on the door for ore - basically asking if we’ve found some!

West Desert - only Indium deposit in the USA. Also creates opportunity for getting funding from governments.

Always got 2 diamond rigs on site. Dave would like an even balance - get three times the drill length out of the RC rigs.

What are the highest priority drilling targets? Central graben - where the EM can’t see (presumably because of all the shallower copper above it).

Question from floor: Ans: Are shareholders really going to hold out for the several years that it’s going to take to define all these deposits? Six years to define the Mateo deposit with 10(?) rigs so how can we speed that up? Dave answered that is basically comes down to how many people they can get at the camp and money. It’s not just drilling but also exploration either side. Permitting of the camps also needed and the water permit required for a camp of >100 people is the same one you need for an operating mine. More rigs increases staff required dramatically.

Question from floor: What was the European roadshow feedback? Ans: Surprisingly good. Biggest shareholder was over there. They like big deposits. Unlike most, AW1 doesn’t need a billion dollars and also they’re not porphyry - aren’t going to do flotation. The lack of the need for that and the associated tailings and reagents was very well received.

They have tried pretty much every electromagnetic system possible now and have gained a lot of knowledge about what works best for our deposit(s). EM has been a huge success.