Ann: TRITTON EXCEEDS GUIDANCE WITH RECORD COPPER PRODUCTION, page-6

Selling the concentrate is no issue as we have a life of mine offtake agreement, and maintaining production guidance doesnt seem to be an issue; actual grades are higher than expected. The elephant in the room IMO is the copper price, and of course 13th July deadline.

The production cost seems to have reached an equilibrium, with C1 rangebound between A$2.20/lb and $2.50/lb over the last 2-3 years. Add on amortisation and other miscelleneous costs, the total production cost hovers between A$2.70/lb and $3.20/lb. Some have predicted copper prices slumping to US$5000/t or US$2.27/lb. If the AUD were to stay around 0.70 to the USD, that will translate to A$3.24/lb; uncomfortably close to our total production cost.

With the winding down of copper-based financing deals because of China lowering their interest rates, that may put pressure on the copper price. It is however likely currently balanced off by the chinese covering their copper short position to support their bets in the freefalling shanghai stockmarket.

All IMO, DYOR.