Copper Price 12 month highs, page-28

The definition of an orebody is based on whether a mineral accumulation is economic to mine. With increase in Cu price, mineral accumulations start to take on a different appearance. HMX has many defined mineral accumulations with Cu resources. Kalman is one such resource.

Consider Kalman. It is a sizeable deposit. The modelled resource gave a overall figure of [email protected] Cu equivalent, using Cu price of USD 7,000/t and Au of USD 1,300/oz. Open at depth. With every $ increase in the PoC it adds to the bottom line and at some point it will tip the scales of mineable resource. The resource model extends to 600 m depth or so - which will require U/G. But what about looking at the portion of the resource amenable to open pit? They've drawn a conceptual pit outline, but I don't see any numbers anywhere. The point is, that at these Au and Cu price levels, there is a case for re-looking at these resources (not just Kalman, theres others too and they're all 100% except for Jubilee), to see whether there is potential for small scale mining and trucking operations, and either selling the ore to existing operators, or toll milling to get a concentrate and then selling that. All in the name of cash flow. Theres others up there already doing this, surely Hammer would be looking at these options?