Ann: Updated Nugent Mineral Resources Estimate, page-104

I know it is disheartening that July has passed and no FID. I am quite upset.

However, the project economics are still good at this CU price. We do not know for sure if loan negotiations have been put on ice because of the lower cu price. It may be that it’s just a slow process to cross the tees and dot the eyes and lower case jays
. Clearly the cu price will not help our case but it may not be show stopping just yet. In days gone by this cu price would still be considered pretty good.

I think we are still in with a good chance. Even if some grey clouds have come over recently they may still blow on over.