Ann: Investor Presentation - November 2017, page-19

25Mt of near-surface resources, 2% Cu-equivalent with an improvement in the silver recovery (cf Berenguela Study by Kappes Cassidy), power, water and rail close to the mine. How about getting on with a 2Mtpa - 2.5Mtpa mine and plant and worry about finding more resources later. If one is that confident (only 2% of the tenement drilled) then build a bigger plant. Metallurgy, PFS, FS, build. Finders Resources and Avanco Resources got going with far fewer tonnes albeit at somewhat better grades but 1.5% - 2% Cu eq is not shabby for a shallow open pit.

Who on the board has been through the study process? The board could do with a metallurgist, mining engineer or geologist who can drive the study side of things. There appears to be a mine builder but as for the rest it's hard to see that they bring much expertise to the process of defining, building and mining. Will they keep drilling because it makes news?

How many new drill holes will be included in the next resource estimate? Not many is my guess so only by alchemy or geosadistics will we see a marked improvement in the resource.

I'd be interested in a couple of slides in a presentation on the economics of EMD.