Copper Update Video, page-13

The project value is smaller than it was back in 2011 because it was (from memory) cut in half.

The resource has not changed since 2015. The reserves were downgraded to a smaller scale pit and plant and focussed on copper and gold. There is no reason why the reserves can be upgraded again as required. With the copper price and gold price the project makes good returns without worrying about the iron ore treatment today.

The management keep mentioning stage one, then the extension to stage 2 with other options including the retreatment of the tailings at a much larger scale and creating an iron product. It is obvious that once the production starts and with a low C1 cost this project will be producing for many decades to come.

When I look at recent "big" copper projects that were unable to start small and grow big because they needed the economies of scale I think this is approach is very prudent both technically and finacially. For example MMG's Las Bambas in Peru, Anglo's Quellaveco and Rio Tinto's Ol Tolgoi. Everyone one of them has required several billions dollars, all have gone over budget in construction, none have hit name plate capacity, all have major issues with the local, state and federal governments and some have protests and blockades by the local villagers.

I think a scenic drive down the York highway passing the Hillside project on the way to Black Point is what these other company project directors must dream of as their next less stressful job.