Ann: Grant of Jericho Mining Lease, page-15

AC & team have given Mr Market plenty to think about over the weekend.

1. The resource has grown so Aron can credibly say there is enough for 20ktpa production for 20 years. His quiet ambition to produce 30ktpa for 15 years would need only a modest addition to the resource - from 400kt to 450kt.

2. The PoC is sitting just below $US5.00lb, up from $US3.50lb three months ago. If it holds, this will transform A1M finances and make possible the ambition to develop on FCF without fresh capital and only modest borrowing.

3. An alternative 3.6km tunnel to Swagman is being studied. While this is entirely possible, I doubt the utility versus a boxcut. Ore begins a mere 50m below surface. Cheaper and easier to bring ore to surface and drive the distance above ground. AC is buying time with this study, for drilling, to build cash and further prove A1C can operate at 12ktpa.

So to all those out there recalculating what A1C is now worth, think big. Old Minnet's price target of 85c last month is already redundant.

Ash