state one stockbroking: stock focus, page-2

re: state one stockbroking: stock focus Extract:
"Rough preliminary calculations indicate that the project has the potential to produce 120,000oz AuEq per annum utilising a 1.0mtpa plant (55,000oz Au,
1.45moz Ag & 4,500t Cu) at a cash cost of A$400/oz AuEq.

On a gold only basis and treating the silver and copper revenues as by-product credits, the cash cost
becomes negative. Due to the complex mix of gold, silver, copper, and zinc, the metallurgical process will form a critical element of a feasibility study.

Investment Case.
With the strong likelihood of further impressive drilling results and resource increases at Silver Hill we believe there is little risk purchasing CQT below 40¢, and believe that if the resource at Silver Hill can be doubled to 1.0m ounces AuEq over the coming months, a valuation closer to 60¢ would be more appropriate.

We are forecasting a continuing rise in CQT's share price on the back of ongoing step-out exploration drilling and infill diamond drilling. We believe news flow
should be fairly consistent going forward with drilling results announced at least monthly".