Here’s a discussion starter - my take (i.e., estimate) on the...

Here’s a discussion starter - my take (i.e., estimate) on the potential value of the 4100 deep zone deposit – excluding the shallow zone above it which I’ve estimated previously.

1. I’ve used an arbitrary 5km x 3km to yield 15 square km area as per the investor presentation.

2. Density is 2.8 (probably conservative, given the amount of sulphides present and that SG of dolomite is 2.85

3. 2.15% average copper grade, per the presentation

4. 85% copper recovery. Some have used 80% here but the ore sorting studies yielded about 95% recovery and I can’t believe the pyrometallurgy and electrowinning stage recoveries would be worse – but happy to be corrected by metallurgists who have actually worked in copper - have used this figure previously and had no comments on it.

5. Have assumed no revenue from the dolomite revenue stream

6. DSO product price figure allows for the smelting and electrowinning that would need to be performed (not by AW1) on the DSO to yield pure copper product

7. Strip ratio of 4 appears to be widely accepted on this forum – please comment if you have better info

8. Ore sorting and transport costs not included as they’re likely to be negligible next to the Cu value and mining costs.

9. Mining costs may be more as we go deeper – not my area of expertise by $10/tonne seems to be accepted as the worst case for the shallow zone – comments welcome.

10.The expected contribution to the AW1 share price (SP) is of course dependent on each investor’s assessment of risk. In my opinion this has a better than 5% chance of working out, but I've used 5% here (second last row). I list the the impact on share price figure only to highlight the difference between that value and current actual value (i.e., potential opportunity for readers of this forum – which you can take or leave). I’m not a competent person to do this – have worked most of my career in another industry – so do your own research, of course.