Ann: Board Refresh Update, page-15

I can’t understand why people can’t see where APAC are coming from. Nifty has a finite resource - you either dig it up now at a massive loss or you leave it in the ground, put it on care and maint and come back in 5years when Cu prices are more favourable. 1.4% Cu grade for an underground mine (with no byproduct credits) is very low grade, even without the checkerboard issue Nifty is experiencing due to poor paste fill. This is an optionality play on higher Cu prices - they will do incredibly well at US$3.50/lb. I can’t see them making money, they need to pull the pin before they piss away even more money. (Below excludes G&A).