still more volume

Another 4m today.

The copper price is moving in the right direction and there should be results shortly from drilling @ Mt Cuthbert. They are drilling White Range atm.

Here is the Chairman's address from the recent AGM. Hope this helps:

MATRIX METALS LIMITED 2002-11-22 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
CHAIRMAN'S ADDRESS

For the 3rd Annual General Meeting of Matrix Metals Limited to be
held at The Celtic Club, 48 Ord Street, West Perth WA 6005 on Friday
22 November 2002 commencing at 11.00 am.

Good morning ladies and gentlemen. Welcome to the third Annual
General Meeting of Matrix Metals Limited It being 11:00 am and the
necessary quorum being present, I now declare this annual general
meeting of Matrix Metals Limited open.

My name is David Humann and I am the Chairman of your Board of
Directors.

I should like to introduce my fellow Director who is present on my
right, Mr Andrew Chapman, our Managing Director and Chief Executive
Officer.

I should also like offer the apologies of our two other Directors Mr
Gregory A Hahn and Mr J Christopher Mitchell, representatives of
Constellation Copper Corporation, who because of the distance from
their base in Denver, Colorado, cannot be with us today Mr Hahn and
Mr Mitchell take a close interest in the affairs of your Company and
they visited the mine and exploration sites in Queensland in October
this year to review our plans and strategy.

I should also like to introduce our Company Secretary and Chief
Financial Officer, Mr Shane McBride.

We have with us today Mrs Alison Kitchen a partner of KPMG, Perth,
who is our auditor. Mrs Kitchen is available to answer any questions
you may have concerning the financial statements and auditors' report
on the Company's financial affairs.

We also have Mr Roger Davies our legal representative from Blake
Dawson Waldron.

As discussed in my Chairman's letter included in the 2002 Annual
Report the World economy was in a subdued state during the year and
these conditions still prevail.

Copper prices were at historic lows for half the year at around US 58
cents per pound. In recent times the price has recovered to a range
of US 65 to 70 cents per pound. At these prices coupled with the
prevailing production throughput rate, the Mount Cuthbert heap leach
electrowinning operation is not economic.

Because of these circumstances, in mid 2002 we had to re-focus onto
four main strategies to advance the Company in future years.

1. To raise more capital to provide adequate funds to develop and
sustain our company.

2. To commence intense exploration programmes at the Mount Watson and
White Range areas, with a view to substantially increasing copper ore
resources and reserves.

3. Restart operations at Mt Cuthbert/Mt Watson at an increased
production throughput rate which will provide economics of scale and
enable the operation to be profitable even at current copper prices.

4. To increase the resources and reserves at the White Range project
and bring it into production at an economic production rate.

in regard to the recently completed capital raising, you will have
read in the Directors Report Contained in the 2002 Annual Report that
we announced a pro-rata rights issue entitlement to all shareholders
in July 2002. The issue was underwritten by Hartley's Limited and was
completed, fully subscribed on 5th September 2002, raising
$8,252,732, before applying costs of the issue.

I would like to thank our shareholders and Hartley's for supporting
the issue and ensuring its success. It should also be acknowledged
that Constellation Copper Corporation, our major shareholder,
contributed $3,000,000 in new cash to this rights issue.

This, together with the conversion of the Constellation Copper
Corporation loan of A$3,250,000 (US$1,673,900) into ordinary shares
which were issued at A$0.16 per share, has eliminated all debt and
provided sufficient funds to carry out comprehensive exploration
programmes. It should be noted that this loan conversion was
completed at three and a half times the rights issue price. The fund
raising and debt conversion has greatly strengthened our balance
sheet and our financial ability to carry out effective exploration
and pre-development programmes.

Our producing copper mine at Mt Cuthbert suspended production in late
2002, however, as I have explained this is only a temporary measure
pending determination of results of planned exploration programmes
and upgrading of the plant. The results of exploration programmes to
date as published in our quarterly reports are very encouraging and
we have reported a doubling of the Mount Watson reserve to 1.6
million tonnes grading 1.1% copper.

We will keep you informed on the progress of our exploration
programmes and provide news of the recommencement of copper
production which, subject to all vagaries of the market, is targeted
to occur during 2003 at the increased production rate.

Another item of good news was the completion on 28 October 2002 of an
Indigenous Land Use Agreement ("ILUA") with the Kalkadoon people for
the granting of mining leases at the Mount Watson and Mount Cuthbert
areas. This is the result of nearly three years intensive effort by
your managing director and is a unique achievement in Queensland. We
only achieved this by exhibiting respect for the people involved. We
listened to them, kept them fully informed and agreed to provide
work, education and commercially based outcomes. We kept the legal
process to a minimum and relied on the relationship to achieve this
very important result.

This ILUA agreement has unlocked significant value for your Company.

In Summary, we now have a company with a strong balance sheet, no
debt, cash in the bank and a clear strategy of focussed exploration
which is targeted to lead to increased resources and reserves and a
return to copper production at an increased rate within the
foreseeable future. We have a proven production process and the
advantage of producing London Metals Exchange premium quality copper
on site. Our delivery and marketing structure is well established and
this will enable prompt conversion of copper produced into cash from
sales.

In closing I would like to thank our advisers, underwriters and in
particular the hard working and enthusiastic staff for their
endeavours during the year.

We now have, a sound basis for achieving our objective of becoming a
medium sized and profitable copper producer. A force to be reckoned
with!

D I Humann
CHAIRMAN