Ann: Quarterly Report and Appendix 5B for 30 September 2022, page-22

Hi M Wilson,

I guess there are two schools of thought

(1) Use the available cash to increase resources and extend the mine life to get to an FID at low prices.

(2) batten down the hatches and conserve cash in the hope that it lasts long enough for the CU price to go up.

Be nice if we had enough cash to do both.

I was interested to read about Kingston Resources.

Pure Asset Management sound like a good lot and their products are tailored perfectly for companies like us which have great assets that are not given much value by the market. I liked the short video about what they offer.

https://puream.com.au/

They might be able to provide a solution to fund a decent drill programme and push the insolvent trading concerns down the track. We could end up with a more robust mine plan so we are more attractive to low risk tolerant/ less greedy lenders .

If the opportunity arises to get FID funded Lachlan could pay back the loan before the options are in the money and off we go.