more high grade results at hob, inc..., page-32

There are many variables and price assumptions build into an equivalent price. The equivalent price should not be used until these are known. We don't know what can be recovered and at what recovery rate? Plus. we are dealing with oxides and at depth the primary sulphides. These different oxidation phases will mean different metallurgical routes. At this stage it is difficult to assume that there is anything of required size that could economically be treated in the oxide portion, as there is not enough metal there. The primary sulphides offer the best potential in terms of increasing the potential resource base, but it is narrow and some results aren't that special.

Until the metallurgical process, based on yielding a positive feasibility could show that and how much can be recovered than this use of a copper equivalent price should not be attempted.

Operating companies that treat these deposits do use equivalents and it is best left for them as they know all the required ingredients.