Ann: 31 December 2012 Half Year Accounts , page-2

CAZ is an interesting company for many reasons. To me Mt Caudian Iron Ore and the Halls Creek Copper project both look like they will be mines the big question is timing.

Also very interesting reading the CAZ half yearly. This is an exploration company that has been around almost 10 years and they have accumlated losses of just $500k.

Only $20m in capitalised exploration and development expenditure too with Mt Caudian having an NPV of +$380m.

This leads me to conclude
1. they generate a lot of cash from early stage explortion and sale of non core ground
2. CAZ spend their money very wisely