Ann: Investor Presentation, page-151

A further response to your post is that I am bullish on copper long term. There are plenty of postings in the threads to substantiate the bullish thesis which I won’t reiterate but my recent post showing the effect of $1200/t on earnings blows the restart NPV out of the water. In a world that simply doesn’t have enough copper for what is required I would be staggered if the Nifty sulphide ore and the other tenements are uneconomic. Together they constitute the sixth largest copper reserves in Australia so I would disagree there are plenty of better options to consider. I do have investments in other copper explorers and producers but CYM has the greatest potential in my opinion even with the recent capital dilution. If you want to take a conservative view and assume it’s a six year project that is fine by me; we all have different styles/risk tolerance but there is a general consensus that we are at the beginning of a copper super cycle.

A somewhat nit-picking further response is that if you really believe there is only a six year mine life you can’t use a PE of 8 in your valuation (would need 12 years of earnings to get payback of capital).