Ann: Nifty Copper Project Restart Study, page-42

Hey Dark, love your work.

I wouldn't focus on the options expiry dates - they can always be added to later. Yes they are a guide, but you're right I suspect, they will want to get cracking on Maroochy as the next mine as it is close to Nifty and they can process the ore there efficiently. Murchison needs a lot more exploration work, including defining the resource via a maiden JORC. Looking forward to that !

There is also another logic path in the equation in that there are already mining approvals in the CYM Nifty/Paterson tenement so another one should not be too administratively difficult. Environmental issues there much like Nifty - straightforward. Plus if they are only mining, and not processing as it would seem, it just becomes a big pit with no camp and limited infrastructure i would have thought. Pretty simple.

As to the timing, I think you're broadly right. Given the relatively complex path to get a mine in play (design, env approvals, optimisation and financial sign off), I would hope they set up a separate team to develop Maroochy, so that would be late '23 when they can get the manpower (once Nifty is producing of course !). Revised JORC is about to be declared, the resource is shallow so not much pre-strip, and the costs/design to do a relatively simple pit would be quite manageable given the cash flow they will be achieving by '24. So not a big team, but a dedicated one I would hope to keep it moving.

So env approvals by end 24, mine started 25, ore flowing to Nifty by mid-25 - that's probably a doable but tight program. They would have also to construct another SX plant and new holding ponds at Nifty plus more heap leach pads for the Maroochy ore (so the production lines are separate and they can control the differing metallurgy), but that could occur at any stage in that process - as long as it has been commissioned when needed.

As to costs, well who knows. Mine setup and pre-strip could be $30-50 m ? SX plant - no specific item in the Restart Study on SX refurb costs so no clues there, but I thought I saw a $20-30m price tag on a new one somewhere, maybe more. Quite specialised kit. Then there's the other Nifty works.

Anyway, all to look forward to !

Cheers