Ann: Nifty Copper Project Update, page-156

Just wanted to look at the program for Nifty as '22 will be the business end of the game for the company. Also Maroochy and Nanadie as there will be significant news flow there.

Adherence to program will be an important KPI for the guys as I feel that Baz has learnt his lesson of over promising and under delivering. Subject to the government getting through the approvals, program looks very realistic now. That will help assuage those nervous nellies lol !

As of the last update, this is what we are now looking for in terms of news flow which will help the SP hopefully:

• Obviously the most critical task is the restart study and finance. They program both to be finalized in H1. The restart study still has to redo the program schedules and final costs, but you would think these are relatively easy tasks now they have a lot of work in the bag already. Hopefully they release the restart study by Q1, won't be a good look if they delay it beyond this.
• Drilling met results from SW and SE pit extensions are due probably Jan/Feb. Heaps of sample awaiting assay. There will be more drilling to prove up the pit extension resource which will add to the JORC review which they say will happen in Q1 '22.
• Metallurgy results from the 6m column should be due Q1 as well. This should include discussion on optimisation hopefully.
• Assays on stockpiled oxide materials should also be complete soon - this material was stockpiled by MLX and the grade is unknown. Hopefully, there will be a few nice surprises there. Also assays on existing heap leach pads due.
• They should be submitting approval applications by Q1. This is also a critical path item as they can't start construction without them. Hopefully, the WA government gets their act together and puts resources into mineral approvals authority.
• Assays on Maroochy and Nanadie should be in by Q1. Maiden JORC for Nanadie due and revised JORC for Maroochy also due. These are going to be quite significant as they will determine the "whole of project" resource base. Looking forward to the cobalt endowment at Maroochy to grow significantly as well as the sulphide resource.
• Met work on Maroochy will be starting. They need to crack the met but have a lot of time to do this.

Overall, lots of news albeit "project news" which may not excite the market. However, the Restart Study/Finance is the biggie. Once finance is in place, other analysts are probably going to start covering the stock which will create its own dynamic.

Anyway, this all bodes well for the SP as the last 6 months have been, to say the least, disappointing. Just gotta keep reminding myself that they have only been toiling away for 9 months !! But good things await those who are patient.