Ann: Activity Report Quarter Ended Dec 18 & Guidance Update, page-2

.Well the healthy cash balance is a bit disappointing.

Looks like total mining cost was close to $20m which blows my assumption that the overrun mining cost with one machine working would be about  $10.5 m for a qty.

The other negative is the revelation that we are only recovering 97% of the resource estimate so another 1.5kt lost.

On the positive side we have a preferred tenderer for the PHES who one would have to presume is offering more than we could expect to win from mining the ore directly under the pit.  " the inferred resource and the exploration target that sit directly below the final pit footprint would be sterilised,"

Can we read into that, the good news, that the permitted Nugent UG plan is still on track????

" GROWTH OPPORTUNITIES
Kanmantoo Underground Copper Mine.
As a result of the December pit wall failure and the resultant modified pit design, the Company is investigating various underground (UG) mining scenarios to profitably and expediently access the copper mineralisation no longer accessible by open pit mining.
This additional UG evaluation is in addition to the previous work evaluating underground operations on the Nugent lode system.

Nice to see the Nugent Lode System still getting a mention in Growth Opportunities.