Ann: T3 Pre-Feasibility Study - Robust, Long Life Copper Mine, page-23

Hi Tim,

If MOD goes to phase 2 expansion, which i suspect they could in a rising price environment, 903k oz of AG with an average price of 26usd (a fair average) though i suspect it will go higher by the time MOD produces, equals an extra 9.20usd from the quoted 16.80 x 903kpa x 12.4LOM = 103m USD in revenue not including Copper price rise.

Very robust metric and something that goes under the radar.

And agree, we do choose our friends wisely

All the best