Ann: High Grade Results and New Targets at Mt Isa East JV, page-25

Thats a classic case of putting the cart before the horse, these guys are still exploring.

1. The resource required to become a copper producer depends on what mother nature has put there, and the amount of tonnes and grade and where it is located, you need to plan to build a mill the right size in the right place so you need to do drilling first to close off any orebodies you have found, and explore any others close by that could be out there. And then you do a PFS and then a BFS.

2. Capital costs and timeframes depend entirely on the assumptions and inputs in the latter part of Point 1 plus access to finance and metals prices. Simple cheap projects invariably have higher operating costs and shorter lifespans.

3. The approvals also depend on the number of mine sites, haul roads, waste dumps, tailings dams, infrastructure requirements so its a case of how long is a piece of string. Typically government approvals in a non-contested non-Nimby project can be 1-3 years and construction itself can then take 1-3 years depending on size, scale and complexity.