Ann: Funds From $6m Royalty Funding Received, page-19

Hi All,

It seems that we are at something of a juncture at the moment with the choices to be made not straightforward.

The goal of course is simple and straightforward - get the financing for the mine. And this job has been made harder by the recent retreat in the cu price. Its maddening isn't it. Copper has been ticking along nicely for ages and then just at the critical moment it drops. If I was a superstitious man I would say we were jinxed. Certainly rotten luck.

Anyway we must press on like a football team which has been the victim of a cruel umpiring decision.

As we know the board has decided to gather the available information in order to try and shape a direction forward with mine. This may involve proposing a bigger project. Clearly the intent here is to maximize results and appeal to financiers. I am unsure whether there is enough information or whether more research is needed.

One might reasonably say that this re-assessment should have been done anyway and is to our advantage. Perhaps it would not have been done if the drop in the CU price had not preceded the financing approvals. Of course it would be much better to be doing it with financing in hand.

In the meantime, Lachlan can press on with low cost preparation tasks. However, at some stage we just need the financing so that the higher cost tasks can begin.

Not being a superstitious or a religious man, I can only sit and wring my hands over this whole situation. However, those that see the world in different terms should now be doing your thing in order to influence those aspects of the equation that cannot be controlled by human means.


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