Ann: AGM Presentation, page-47

Nebo-Babel has 110Mt in the indicated category which I thought was allowed to be used for PFS docs. They are currently doing infill drilling which might convert some of the indicated to measured and some of the inferred to indicated.

Inferred at Babel is over half the total resource number and I assume none of that will be used for feasibilities. It's also the lowest grade. I assume the mine plan will start with Nebo Indicated which has a CuEq grade of ~1.43% at current metal prices (excluding Cobalt).

That is actually a really good grade and would feed almost the first 4 years of production which is enough for payback on the plant. Babel indicated is about 1.13% CuEq which isn't as good but if you have debt obligations largely gone by that point you can effectively produce at lower grades. In saying that anything over 1% CuEq will be competitive IMO by the time we are producing, let alone 4 years after commissioning.

I would be interested to see how much the Cobalt circuit adds to capex and whether it is actually warranted with current prices based on our low grades of 200ppm. I am sure they are considering things like this in the revamped feasibility.

Anyway my point is that I can see a path to at least 11 years LOM based on current data, OZL are saying they see a path to 15 years and I am sure there is more drilling to come. Don't forget Succoth as a possible upside driver too.