Ann: Southern Nights Returns Stunning Drill Intercept, page-98

Hi Nij,

Yes, I think this may turn out to be the best strategy going forward. I would expect that it will depend a lot on the results of the Southern Nights/Wagga Tank drillout and the size/grade of the resultant resource. If this proves to be very economic/attractive, Peel may opt to sell Mallee Bull to focus all their attention on developing SN/WT. It's a difficult one as to some extent Mallee Bull is probably a bit of a distraction to PEX management at the moment, especially since everything has to be negotiated through the JV. Selling MB would provide development capital for SN/WT. Having said this, I'm sure PEX would demand a good price for MB since this asset is pretty attractive in its own right and the high grade copper likely extends much deeper underground than has been drilled so far.