Copper Discussions, page-4

Thanks Rhys.

Yes that enforced closure of London's Vedanta Tuticorin smelter in Tamil Nadu, India (with unnecessary and tragic loss of 13 lives) I'm sure will have some impact. It was one of only 2 copper smelters in India. Now the other one run by state owned Hindustan Copper will have to do all the work.

It will certainly remind copper users and investors just how vulnerable the supply chain can be.

MOD/MTR in a strong position to help fill some of the upcoming supply gaps.

Also. I was looking at the sensitivity analysis chart in the PFS today (below). The sensitivity of the NPV in the Expansion Case to increasing copper prices is quite something. If the present copper rises prove to be sustainable for the near future then the value of the JV project will be quite extraordinary. And they've barely scratched the surface with the T3 Pit which is less than one sq km in a vast tenement area of 12,600 sq km!