Ann: ANX: Promising Heap Leach Results from Sulphur Springs, page-22

Bill finished speaking just now at Bell Potter Emerging Leaders Conf-
- WL restart mine plan 10yrs NPV$658M. Using current spot commod prices and TC/RC north of AUD$750m.
- final de-risk phase- finance and offtake, received 14 proposals going through them now, to be finalised by end July.
- Said he sees offtake with a big name is key (Traf, Glencore). Also, strong appetite for debt from project finance banks.
- Definitely looking at strategic assets level deals up to 20%. Mentioned 20% several times and recycling a big cheque.
- Pioneer Dome - mining approvals lodged and expect to to be finalised by August.
- Commercial discussions with 3rd party mills in the region to process PD ore. eg. Bald Hill, Bill wants to partner with MIN on the processing.
- PD could be in production later this year.
- SS - using current spot metals and TC/RC the NPV and free cash is huge, bigger than WL. If operating today would spin of $250m free cash pa.
- IF we get a chunky cheque from a strategic deal, Bill would bring SS forward, possible start the decline asap.
- Big heads up - Potential new Mining services contract with an ex colleague in the Cobar region. Go Mick!
- MIN contract expected to grow.
- Knocking back a lot contracting work in WA.