Ann: Quarterly Activities Report, page-308

Egg,

If we look at history, dotcom is a good example, many 1c stocks hit 50c to $1.

The difference with copper to that, is without new mines disruption occurs with absolutely everything.

From EV, solar panels, wind turbines, wiring. To the home electrical wiring, right through to consumer devices - mobiles, tablets, computers, tvs and even cooking with pans and pots.

Present supply is approx 25m tonnes, already recycling is meeting the supply gap.

So at the moment mine output is in defecit.

It gets worse because mines like escondida have already mined the higher grade ore.

The really bad part, is there resources have increased, bye lower cut off grades, not finding new ores.

So additional resources in running mines is finished.

We then glance at other areas to add new resources, and at the moment it is limited, certainly not 25m tonnes pa worth, to meet a 50m tonne pa demand in 10 to 15 years time.

The additional copper the world needs each year is equal to today's entire outputs.

That's around 8 to 10 escondida mines need to be up an running within 10 years.

I doubt we find that many deposits that size, Also time. It takes 10 to 15 years to produce from discovery.

Even if we did have these deposits right now, it would be doubt full they would be online in time anyways.

Another area is water, the government did consider reducing the water allocated to escondida last year.

So that alone may mean certain regions, even if a deposit is there, it can not be mined.

For superior, no water issues, piwerline runs oast them from Kidston and qld upgrading the rail to greenvale.

We are at 2 days copper in the warehouse already, and demand has not really moved, imagine when it does.

Superior already has copper resources at cockie creek and wynadotte, bottletree if porphyry is found.

Going forward there will be 3 deposits all at the same time defining resources.

We do not need each to be massive, if we combine as proximal distance is close enough to consider them one deposit from a mining stand point.

Then throw in nickel potential and gold, again close in proximity for all to go to one plant.

Next year the turmoil begins in copper as companies like Ford, gm, Toyota have not even started mass production of evs.

Expect 80m to 100m evs pa, zero spare copper then for all other sectors.

Something has to give and it will be the copper price to entice big miners to look and produce.

So to make it easy for them, they will pick off all the good greenfields projects, like superiors, esp if they are derisked on the resource scope, are in safe countries, have no water issues, good infrastructure nearby.

Spq ticks all boxes, but is a little early on the resources.

After cockie creek, wynadotte are increased and bottletree gets some different game.

We should also note RIOs position around superior and ask why?