Ann: Excellent IP result at Brumby Ridge and $3.5m placement, page-5

Performance Rights
Subject to the Company obtaining all required shareholder or regulatory approvals, the Company will grant a total of 3,750,000 Performance Rights to Directors and Senior Management of the Company which will vest and becomes exercisable into fully paid ordinary shares in the capital of the Company on a one for one basis subject to the milestones applicable to the Performance Rights being satisfied by the relevant expiry date, as set out below:

Class A: 1,250,000 Performance Rights
Milestone: The Company announcing a total Inferred JORC 2012 compliant resource of equal or greater than 100,000 tonnes of copper equivalent metal within any single project or combination of projects, as verified by an independent expert.  Expiry Date: Five (5) years from the date of issue.

Class B: 1,250,000 Performance Rights
Milestone: The Company announcing a total Inferred JORC 2012 compliant resource of equal or greater than 150,000 tonnes of copper equivalent metal within any single project or combination of projects, as verified by an independent expert.  Expiry Date: Five (5) years from the date of issue.

Class C: 1,250,000 Performance Rights
Milestone: The Company’s share price achieving a VWAP of $0.60 per share (or more) for no less than 15 consecutive ASX trading days (where trading in the Company’s shares actually occurs). Expiry Date: Five (5) years from the date of issue.