Ann: QUARTERLY ACTIVITIES REPORT - SEPTEMBER 2022, page-32

Your final point is very pertinent, that the old Round Oak exploration tenements in NW QLD have been held by WH Soul-Pattinson/Round Oak and their predecessors for a long time and are in very prospective ground quite similar to ground being explored by CNB, HMX, A1M and CPM among others.

Round Oak hadn't done a lot of exploration on this ground, so it will be interesting to see if AIS do follow through and set up their own exploration/development presence in NW QLD or if they go down the joint-venture or even transaction route and either dispose of or joint-venture with others active in the area. Having Glencore and Barminco as friends in the area is certainly advantageous.

All needs the price of copper to behave itself though.