drilling results....good or bad, page-19

Change of subject - analyst presentation commentary.

slide 22 is important - it reminds us of the big picture. When you look at the total resources, 2.5mt of Copper and 6.3m oz of Gold is, for a Tier 2 asset, not to be sneezed at. I know that going from Inferred to Indicated to Measured often means significant changes, but it is still a very valuable resource.

slide 26 - drilling out Western Copper to increase resource confidence (move inferred to indicated or to measured). Slide 32 - Western Copper resource estimate completed, final checks occuring. This will translate into an upgrade of the resource.

slide 27 - extension drilling to both East and West of the main ore body. This lines up with slide 70 where it says that P Hill orebody is open at depth and along strike.

slide 84 - significant exploration is occuring to grow the business.

Not a huge amount of new information. IMO, OZL is attempting to rebuild confidence with the market. The presentation, IMO, was meant to convey, "we are here, we know what we are doing, we have a growth strategy, and we do not need to spend the $1B just to please you".

HT1