Ann: Quarterly Report Presentation - December 201, page-15

re: Ann: Quarterly Report Presentation - Dece... HT and HO

Happy to have the discussion/disagreement on copper production. I note expected copper production to fall in the remainder of this financial year.

I think we all agree on Cambodia not looking good.
I think we also all agree on exploration in PH area looks good and should be a priority.

I am not as concerned re the cash in the bank as others may be, although I will be very interested when the financials are reported.

SFR remains an enigma at the moment. Personally I would like to cut and run on it, but there may be some strategy around this I am not aware of. Maybe JVs with other minor players in the area who also seem to have some good prospects.

I do expect that there will be some announcement in this coming quarter. This would be true to form and I suspect they are looking over some prospects but not letting on. Possibly waiting until the dust settles on the Carrapateena sale, for which I believe OZL is still in the running. They may not be able to do anything until either this gets settled or OZL withdraw its offer. I mean you can't make an offer to buy, then use up all your cash elsewhere can you.

Regards