Ann: Diggers & Dealers Presentation, page-19

Thank you mate. I’ve estimated before I think by the time Degrussa as it is today ends there should be well over 12mt of tailings grading over 1g/t. What I’m hoping and I’ve put figures out here before is that they build a 3mtpa CIL facility in and feed 1.5-2.0mtpa of tailings (6-10years) of tailings and 1.5mtpa (the capacity of the crushing facility) of old highway. Even if old highway grades 1g/t they should get 80kozpa in a combined tailings + old highways scenario. That’s provided they don’t find more copper which utilises the crushing capacity.

One thing I’ve learnt over the years as an investor/speculator is you need to understand management and thus the reliability of mgmt estimates. Some throw outlandish figures out and never achieve others are much more conservative and play by the rule “under promise and over deliver”. I certainly feel Karl and the SFR team fall into the latter category.