Apologises to Jantimot if you think we have already covered...

Apologises to Jantimot if you think we have already covered this. Add the capital commitment for the process plant at the end of December together and you have $US144.3 million with $US95.2 million paid via cash and shares owing a balance of $US49.1 million. Cash at the end of this period was $AUD73,422,645.

Then on the 19th of March two agreements were entered into, one for cash $AUD17.25 million via shares (issued) and one for payment due and payable under the procurement agreement for $AUD22 million via shares (unissued)

Thirdly we have the contracts for a additional power station and construction of the plant to finalisation stage which Sinosteel have entered into 3rd party contracts for construction of the plant, so they are liable for these payments and we pay Sino. Price unkown.

So without breaking down expenditure using the quarterlies. The company has added another $17.25 million cash to the kitty for $90.67 million and have paid down the debt from December 2012 another $22 million leaving approximate debt of $27.1 million (to lazy to break down exchange rates) before the contracts of an unknown price announced on the 11th of June.

$90 million of cash for the last 9 months verses debt of $27 million (Sino), power plant and turn key contracts $$$ unknown (Sino), outgoings for development, admin, exploration, construction of dams etc..

It look to me to be covered to completion except rail and port. And if the cash isn't enough for the completion of the plant we will owe Sinosteel and it seems they must feel comfortable with that as they know there is no guarantee FIRB will approve another placement. So we have a plant, mine and other assets worth north of $300 million with the possibility of a small amount owing to Sino that's capable of of producing over $350 million worth of revenue per year. I see no reason why the banks wouldn't loan the rest with little risk remaining for the rail and port or perhaps Sinosteel because those shares and off take agreements are worthless without it.

NOTES TO THE FINANCIAL STATEMENTS
For the half-year ended 31 December 2012 (Continued)

The Consolidated Entity entered into a contract for the supply of all of the Process Plant components and
structures for its Rocklands Copper Project in the year ended 30 June 2011. The total capital commitment of
the company for the acquisition of the processing plant is $US58 Million ($AUD56.3 Million). In addition to
the original contract, variations totaling approximately $US6 Million ($AUD5.8 Million) have been agreed by
the parties. Up to the end of the half year the Consolidated Entity had paid approximately $US48 Million
($AUD46.6 Million) and the balance is expected to be paid within 12 months of the end of the half year.

The Consolidated Entity entered into a contract for the supply of additional componentry and equipment for
the 3mtpa mineral process plant for the Rocklands project including the 22 Megawatt Power Station and
associated installation and construction costs. The total capital commitment for this acquisition is $US67.3M
Million ($AUD65.3 Million). Subsequent to the end of the financial period, the Company paid $34.2 Million
through the issue of 7.6 Million shares at $4.50 as part payment of this contract.

The Consolidated Entity entered into a contract in June 2012 for the supply of additional componentry for the
3mtpa mineral process plant for the Rocklands project valued at $13 Million. Subsequent to the end of the
financial period, the Company issue of 3,333,333 shares at $3.90 as full payment of this contract.



CUDECO ENTERS INTO AGREEMENTS FOR A $39,250,000 CAPITAL RAISING IN CUDECO LTD
19th March 2013

CuDeco Ltd is pleased to announce that it has entered into two agreements.

The first agreement is with one of our cornerstone investor Hong Kong company, China Oceanwide International Investments Co Ltd formally Oceanwide International Resource Investment Co Ltd. The agreements provides for the issuance of 5,000,000 fully paid shares @ $3.45c per share.

The second agreement is with CuDeco’s mineral processing componentry supplier, China State owned, Sinosteel Equipment and Engineering Co.Ltd. The agreement provides for the issuance of 6,376,811 fully paid shares @ $3.45 per share to Sinosteel. The issuance of shares to Sinosteel will be included as payments due and payable under the procurement agreement for the Rocklands Group Copper Project’s mineral processing plant, equipment, construction and erection, and is subject to FIRB.

The total combined consideration is $39,250,000


CuDECO SIGNS TWO NEW BINDING CONTRACTS WITH SINOSTEEL
11th June 2013

TURNKEY CONTRACTS FOR POWER STATION EPC and STRUCTURAL, MECHANICAL AND PIPING INSTALLATION for the ROCKLANDS $300M, 3 MTPA MINERAL PROCESSING PLANT SIGNED WITH SINOSTEEL

Power Station Construction
CuDeco signs a binding agreement with one of China’s largest state owned companies Sinosteel Equipment and Engineering for the EPC (Engineer, Procure and Construct) contract for the Rocklands Power Station to provide the power for the 3 million tonne per year mineral processing plant.

The contract is for the supply and installation of a 28 Megawatt (MW) “peak load” Cummins Power station. Cummins Australia will construct the Power Station, which will have a continuous operating load of approximately 21 MW, and includes the acoustic building, ventilation system, Master Control Station and 20m exhaust stacks. The Power Station is warranted by Cummins Australia. Access for commencement of construction of the Power Plant is 1st July 2013.

The EPC agreement provides for a handover and completion of the Power Plant with a “ready for start” date of 23rd December 2013.

The Power Plant for the 3mtpa Crushing circuit, a separate power station supplied by Australian Generators Pty Ltd, and also powered by Cummins, is already installed and due to be commissioned by the end of June 2013.

Mineral Processing Plant Construction

CuDeco signs a binding agreement with Sinosteel for the Structural, Mechanical and Piping (SMP) installation at the Rocklands Group Copper Project. The “TURNKEY” contract includes the complete installation of the entire Mineral Processing Plant and ancillaries. Sinosteel has entered into 3rd party contracts with Queensland-based engineering, construction and plant and equipment supply companies, for the construction of the process plant and will employ more than 400 Australian Personnel during the construction. The mobilisation for the construction crews for the processing plant is to begin 1st July 2013 with completion and commencement of commissioning due May/June 2014.