Ann: December 2023 Quarterly Report, page-194

I am sure some of you have done this calculations in your head! Here is a little back of the napkin maths for your entertainment!

a) Average Copper Price for 2023 was ~$3.86 (started the year strong, dipped in middle of year and then recovered back to 3.7-3.9 towards the end)

b) Current price ~4.10 however conservatively speaking 2024 Average is expected to be $4.16 (Some days will be above, some will be below)

c) B - A = $0.30 - Which is Aussie $0.45 per LB

d) Ernst Henry produces c. 50K tonnes and Northparkes $25K tonnes - Thats 75K tonnes or ~165.3m Lbs

e) 165m x $0.45 = AUD 75million

f) EVN reports copper as a by-product while calculating its AISC for gold. I.e this is $75 million additional offset against AISC

g) EVN produces ~775K Ounces of gold a year

h) Thats ~AUD 96 reduction in AISC per ounce of gold produced

i) Conservatively speaking the Realised price of Gold in 2024 could be $150 above 2023.

Put these two together and its not hard to see why EVN is rapidly moving back to $4 where it belongs!