Ann: September 2018 Quarterly Report, page-14

CuDECO were getting their crap together, in terms of site management in July last year. They had a competent and skilled Commercial and Supply team, a Safety Manager who knew his sheet and they brought in a HR Manager, to sIt over the HR Superintendent. The team got accounts down to being paId wIth 60 days, 90 at the latest

This knowledgeable bunch had to however work with the then CCO GJ and the unqualified acting processing manager LG.

By December 2017, they had loss the Safety Manager, the CEO had moved on, the only HR person not to be sacked by the HR Superintendent was leaving, the Commercial Manager was leaving as well as the Supply Superintendent. The MInIng team loss theIr surveyor, 2 geologists and 2 mIning engineers.

Accounts weren't being paid and every fortnight it was a run around to try and have enough money for payroll. Yet, GJ and LG were still there getting there money. By May 2018, the HR Manager left as did the 4th GM in 2years. ThIs was followed by more of the Supply and mining teams leaving.

Even though their employees were dropping like flies, I highly doubt that anything was different for the last 15 odd fortnight's before they stop paying their people. Given the amount of debt they have, I'd say they have been trading insolvent for at least a year.