Ann: Funds From $6m Royalty Funding Received, page-33

As long as the spinning wheels are moving us down the road to a restart all will be well.

Looks like we are not getting a clarification anouncement about the new plan so we are left to speculation.

I reread the following announcements with the knowledge that they were working on getting $6m of extra funding into the bank when the MC51 trial failed to deliver the 500m decline and drilling platforms and the three year mine plan failed to save the day and satisfy the lenders when the copper price collapsed.

It seems we are now back on track to get to the five year mine plan that was targeted plus the addition of extra feed from the north and south hub to fill the plant and add extra copper production to add certainty to funding approval in a low price environment.

" the next planned stage of exploration includes depth and strike extension drilling of the Kavanagh and Nugent lodes as immediate extensions of the mine plan" Which hopefully will deliver sufficient copper to satisfy the lenders and get us back on track for a restart.

As the kavanagh and Nugent drilling requires extensions to the decline to get to the drilling platforms it seems in parallel with that happening they have "commence(d) exploration on five of the other lodes within the permitted lease ........ to bring these lodes into mthe mine plan as additional work areas to increase annual throughput."

I guess the original low capital cost restart ( $30m?) gets Kavanagh producing cash flow to fund Spitfire Nugent and North Kavanagh extensions with Emily Star, Paringa, Critchley and Coopers progressively comming on line to fill the plant.

Every cloud has a silver lining.