Ann: CEO's AGM Presentation, page-7

Did anyone attend or listen to the AGM yesterday? If you did and i am miss quoting below or sending the wrong message please correct me.

I wrote the above posting prior to listening to the AGM.

My takeaways from the AGM;

1) AC mentioned the word 'cautious', 'very cautious', 'cautious' with a giggle / chuckle on the third occasion when talking about the 12,500 copper target this year. It was like he was genuinely taking the piss out of the number. There was a distinct sense of humble arrogance about his take on 'that' number. I've spoken to AC a number of times in the last few years but never heard him like this. He is supremely confident now in what he is doing and where the project is. And both AC and the Chairman made reference to the 4 month number as a fresh announcement. ie this was over and above and a 'different formal announcement' to this quarterly's production guidance....as in they are way past that. They were VERY clear about this. These numbers are new and very possibly consistent into further quarters which they had not eluded to before.

2) Bank Finance did come up. But similar to the above point the way he talked about it was like it was a done deal and the banks were crawling all over them. Is this true? Its obviously in their best interest to talk it up....but....i think it was more than that. He doesn't do it like that. Last time around it was 50/50 whether it would be a debt of equity raise. For obvious and well discussed reasons they went the equity route. Unless something dramatic changes this will be debt funded. And i would lose total faith if it was not having been told exceptionally strongly yesterday that it would be.

3) Who was the 'Royal' visitor who walked in the room? Bit bizarre to stop the presentation because 'royalty' had just walked in? Anyone hear that or did i get that wrong? I'm guessing a senior mining figure known to them. I'm going to guess at Jake Klein.

4) Corporate Governance and permitting. Again incredibly honest and open about where they are at. AC went through the permitting processes and essentially said in a very nice way that all was in hand and on time. He literally said if anything changed look for the changed language in the quarterlies AND he even pointed out the language that would change!....it was like he was saying 'i could cheat but here's what to look for so i can't pull the wool over your eyes or cheat'. Again the way he said it made an impact on me. And on the governance side....it was classic, similar to the general theme but i expect another Director appointment or two.

So there's my take. He also clearly explained their exploration strategy which made a lot of sense, essentially saying we already have too much 2% ore...we are only looking for higher grade etc....and hence don't get excited until we do.

I didn't want to post this yesterday as i was genuinely a tad excited post the AGM. Thought i should sleep on it first. I don't think AIC is going to the moon unless the drill bit hits the big time but i'm becoming more and more confident that whilst there is a clear path now to 20 - 23,000tpa copper production in 2.5 years time, in a years time the clear path will be to 30 - 33,000tpa copper production 2-3 years post then. What does this mean for a market cap....any comparison locally or globally, of which there are few, would indicate $800 - 1.1b at current copper price.

The big question is will we need to dilute to get there? I'm not sure we need to or will. Good luck to all.