Hello Gwaihir,Had a call with Barry with regards to your...

Hello Gwaihir,

Had a call with Barry with regards to your questions, this is all consistent with previous announcements:

1. How much do they need to raise to build a new plant,

Was advised that the cost to refurbish or buy new was basically equivalent circa AUD 30 million. A new plant as per presentation uses updated tech, has no historical issues and is more likely to switch on from day 1 with all warranties, etc that it will work and with recourse if it does not.

The total cost of plant, working capital (1 year), mine cut back and redevelopment is expected to be sub AUD 100 million.

2. Where will the funds come from,

As per company presentations company had AUD 54 million. My understanding as debt for Australia based copper projects is fairly easy to obtain.

So options would be:

A. Secure 50 million if just want to develop Nifty from debt markets.

as a backup plan worst case.

B. Secure 50 million from fund managers who were clearly eager to participate at a higher risk stage (takeover of MLX)

The company preference is for 1 as they themselves are major shareholders.

3. Who might lend the money,

As per B above - many parties interested in lending to Australia based copper.

4. How much debt are they expecting to carry,

50 million.

5. Will there be a retail capital raising component included, etc.

Unlikely. One of the key reasons I like the company is there is no need for us to be diluted again.

Hope this helps.