Ann: Sydney Mining Club Presentation, page-8

Thanks nakhla. Very interesting. The Florence Project demonstrates the success of ISCR for suitable resources and shows the fairly extensive timeframe needed for testing, permitting andf finally engineering works before full production can be underway. In the case of CBE investors will hope BHP take over the project or CBE gets taken out fully. With Okavango and KIT-W exploration ongoing that could be quite a package.

The Ngami Project is of course a bit different to Florence in that exploration has discovered deeper higher grade areas of mineralisation as well as the upper blanket of lower grade copper suitable for ISCR. So how will CBE proceed with maximising the volume of copper recovery? I've asked a few questions and this I think is the answer. CBE will no doubt compile a trade-off study to assess thresholds for open-cut, underground and in-situ recovery options. Potentially the higher grade ‘pods’ could be mined conventionally in combination with an in-situ process with both methods feeding into the same leach and SX/EW plant. Advantages of this hybrid approach would be better recoveries in areas with higher grade + better defined recovery and recovery times from a surface leach. The trade-off study would also help guide future exploration and resource drill out . One scenario is the possibility CBE may infill drill higher grade areas in more detail with a view to conventional mining. The Ngami Resource has been quite a head scratcher for mining engineers but I like their hybrid approach to optimise value.

So plenty more to come here and I shall patiently hold and watch the story unfold. Wishing us all the best of luck. There's something quite convincing about Cobre's projects and it reminds me of the early days of the Metal Tiger/MOD Resources JV which discovered T3, A4 +A1 to date (Motheo Hub)