Ann: Scoping Study Results Greater Duchess Project, page-39

As the dust settles I dont feel disappointed with todays report, having read it several times. I think the market has yet again bought the anticipation and sold the delivery of it. $65 million in free cash flow from 2028 onwards for 9 years sounds pretty good to me with what we have today and at yesterdays copper prices. If exploration continues to deliver we should be able to produce more than the 19.000 tonnes p/a of Cu equivalent at whatever the price maybe/ hopefully is by then. Another wild card but longer shot in my view is the Rio joint venture project which could be Company transforming. Other interesting take aways are the ongoing talks with Glencore and what the Qld Gov. is up too. I am happy to hold longer term as a copper play with plenty of action over the coming months / years. Cheers