A good barometer for comparative analysis is the CNB maiden JORC...

A good barometer for comparative analysis is the CNB maiden JORC out today. 31.8Mt grading 1.3% Cu for 283kt of contained copper (Mt Hope makes up the lions share of resource). They used a 0.5% cut-off grade for open cut and a 1.0% cut off grade of underground. Note this is a primary reason why AW1 was sold off on the deep assays, is a 1.0% cut-off for underground is considered appropriate - vs our AW1 assays ranging 0.4% - 1.3%... albeit we have 3 assays holes in a system that likely spans kilometers.





Anyway CNB being sold down heavily (-10%) market cap around the A$120M mark.

Key differentiation for me is Mt Hope is open at depth (>400m) while bound in strike and width to approx. 250m x 25m.

For AW1 the 4100N zone although only 20m thick has strike and width of 1,250m by 250m and is arguably open to the West. Tonnage wise on the rudimentary numbers in cubes the 4100 zone is 2.5 times larger, with Thunder as the potential large upside.

CNB is the easier mining jurisdiction of Mt Isa.

Anyway of the opinion there is value here based on a pure in-situ tonnage forecast, plus the exploration upside, of which both AW1 and CNB have.