Good morning folks, Perhaps some of these great questions can be...

Good morning folks,

Perhaps some of these great questions can be asked at the AGM this week. I'm going to join online.

I think we can see that there's lots of movement behinds the scenes. The Cobar Optimisation Study clearly demonstrates that. $20-25M to be spent at Peak. The opening of the Community Hub in Cobar also points to what is planned next. Growing production numbers and mill optimisation will eventually flow through to the bottom line and the share price, but of course that will take time.

Federation drilling is ongoing and further expansion and infill is being done from underground. Are we going to get an updated Reserves/Resources for Federation this FY? I appreciate these are massive studies that take a lot of human resources in a company to put together. However going on what what said at the last conference call and from Andrew's presentation, the updated Great Cobar study will be next. However I agree LoC the market needs to see a bit more mine life for Federation. But it's Cobar and those mining analysts know these deposits just keep on going. In the shorter term the analysts are only interested in the future production numbers from Federation for their calculations. They keep asking every conference call.

We have Nymagee, and many other 100% owned areas. The problems with the copper ore from Nymagee some years back doesn't seem (from a previous conference call) to be as big an issue now. (Great question from a shareholder on that call). A reminder of the exploration activities and plans from the the last Quarterly Activities Report. (Apologies for the formatting)

Peak district exploration

Surface exploration drilling was reinitiated in Upper Chesney during the quarter to continue delineation
drilling of the Chesney East Gold Lens. Drilling is ongoing at the end of the quarter and expected to be
finalised in the coming quarter before mobilising to the Young Australian Deposit , south of Mount
Pleasant.

Underground exploration drilling continued throughout the quarter, finalising the Hercules 9080
program in Perseverance before mobilising to Kairos Lens to drill the Kairos Deeps extensional
program. The second underground drill rig mobilised from resource definition drilling to the New Cobar
Mine. Exploration drilling was re-initiated at Jubilee North to further extend intersections from FY24
drilling, before mobilising to lower New Cobar to test the down-dip potential of the New Cobar deposit,
which was in progress at the end of the quarter. Assays for all programs are currently outstanding.
Technical assessments have been conducted on Queen Bee, New Cobar to Chesney, Tharsis and the
Mount Nurri area with regional stage 1 and stage 2 exploration programs under development.

Nymagee district exploration

Technical reviews of the Federation and Nymagee deposits were conducted and surface drilling was
re-initiated at the Nymagee deposit. The drill program will focus on resource expansion targets in the
Central Nymagee deposit and progress to the Lancelot prospect and Federation West areas in the
December quarter before returning to Nymagee North.

Regional geological mapping, soil sampling and auger drilling programs were finalised at the Four
Corners and Lyell prospect areas and then mobilised back to the Federation East area to infill
anomalous areas identified from the survey conducted during the previous quarter.


I don't see/understand the advantage at this stage to invest money into Peel when we have so much of our own resources that may be a better fit with the optimisation study. It would signal something to the market but would that ignite our share price? It might that of Peel's? However I'm not been following Peel's progress for while so I leave that to others to discuss. It sounds like (from the last conference call) the plan is more about organic growth.

I think while we can all now see genuine progress and clear plans for the future, it's not going to excite the share price in the short-term. We are a producer that is boring with a sometimes patchy production record. The market still hasn't forgotten the Dargues acquisition - yet.

So a question for Mr Brazil is why did he invest in Aurelia and what does he see that the market still doesn't? What plans does the Board have to ignite a fire under the share price other than what has been outlined? (Which is absolutely sensible and should have been achieved years ago. Our mills should be full!) But once this happens, what's next?

Cobar after years of being largely forgotten by the market is gaining more recognition as the reliable producer of future-facing commodities in NSW. However I see us as a sitting duck for someone like MAC, so would support a share buy-back (particularly at these prices).

Thanks everyone for a great discussion. Hopefully someone here may be able to attend the AGM in person and fill us in on the after meeting chat.

All the best.

KKR