Ann: Commencement of EIA, Mineral Modelling & Assay Results, page-2

Here’s a valuation sensitivity analysis for Cobre (CBE) based on different MRE tonnage scenarios:

	Scenario	MRE (Mt)	Recoverable Cu (t)	Revenue (AUD M)	NPV Cashflow (AUD M)	Implied Share Price (AUD)
1	Base Case	13.5	58,522	877.8	307.2	$0.77
2	Mid‑Case	25	108,375	1,625.6	569.0	$1.42
3	Upside Case	45	195,075	2,926.1	1,024.1	$2.56

Key assumptions:

• Cu price: AUD 15,000/t

• Grade: 0.51 % Cu

• Recovery: 85 %

• Profit margin: 50 % of revenue

• NPV discount factor: 0.7

• Shares outstanding: 400 million

Under the Base Case (13.5 Mt MRE), the implied price is ~$0.77, rising to ~$1.42 in the Mid‑Case (25 Mt) and ~$2.56 in an Upside (45 Mt) scenario.