Ann: Mount Hope Discovery - 37m @ approx. 5% Copper, page-93

Of course 20-50Mt is quite a range, because drilling and exploration is still ongoing, and despite your attempts to verbal him, he has been quite clear that these are just preliminary guesses and are obviously not published resource statements, he doesn't have the drill database with all the assays, they are educated guesses at the moment. If you want to wait until a fully published JORC resource/reserve figure and or a PFS/DFS is announced then thats fine, but don't pretend that waiting for that point may mean a more expensive entry point because at that point the resource is more derisked and buyers are paying for that. If you want to prohibit any discussion of the potential of a company until a published resource/reserve/PSF/DFS is announced, then every exploration stock on HC would have some very quiet formus.

People have been quite clear that the cut-off grade will obviously dictate how many tonnes make it to the economic category (and that itself will be affected by mining methods and open pit/underground mining methods and geometry as well as logistics and milling pathways). Geofiji himself has used the term "should have robust economics" based on observations of other Western QLD mines having open pit operations with typical cut-off grades of 0.8%-1% Cu in open pit and anywhere from 1.5% to 3% Cu in underground operations, just have a look at the track record of Ernest Henry, Starra & Mt Elliot, Mt Gordon, Eloise, Trekelano, Mt Colin, Eva, Osborne etc - its not like we have never seen a Cu mine in NW QLD before. Many of them mined and survived at lower Cu prices in the 1990s and 2000s and many of them at reasonably low CU grades with gold credits.

At the moment some underground base metal mines in Australia are mining anywhere from 1-3% Cu and they are nearly all losing money at the moment because of post Covid-inflationary costs, open pit ops can operate at lower costs and therefore lower cut-off grades. This is unsustainable as mines cannot operate at a loss forever and this metal supply will be withdrawn from the market until mining costs abate, and/or copper prices rise enough to encourage new metal supply.