Ann: OZL: West Musgrave Pre-Feasibility Study Progress Update, page-18

Mongy,

I don’t know about the bugs, perhaps they will turn out to be a big deal. I much doubt however that they will be a show stopper, and I doubt a significant cost adder relative to the cost savings the delay is addressing. A potential delay, a year or so, possibly.

As for the PFS delay, can’t you see that there are very good value aggregative reasons for the delays. These things take time to get certain about. I am very positive that this is going to be OZL’s third substantial project, and highly robust when it gets to FID. Despite buying recently, including today, I am somewhat less certain as to how CZI will fare, possibly being forced to reduce it’s exposure due to the capex.

I am much much more concerned as to how CZI will fund it’s share than in a 6 month delay to the PFS. Anything that is going to reduce the preproduction capex, improve the recoveries and lower the opex is worth a short delay imho.

EL