Ann: Investor Presentation, page-92

@DDBB

I do not agree that the AISC for CYM will be 2 USD/lb, I believe the C1 for the heap leach restart at 6 ktpa could be as low as 2 USD/lb but we need to add all the other ongoing costs of the company which are about $8m AUD/qtr onto that cost of a small scale restart.

I get EBITDA of $18m AUD per annum for CYM with a small scale restart of Nifty.

The value in the restart will be confidence that the plan works, after the doubters see we can extract the trapped copper from the existing heaps the SP should go back to a reasonable level (maybe 11 cents) then management can do a further cap raise to build new leach pads or just get many more excavators on the existing pads turning the oxide over quicker.

I do not expect Matt to do a cap raise at these prices and risk the 6 cents oppies not being exercised by December 2024. He needs to restart the SX-EW with very low capex ASAP