Ann: AGM Presentation, page-66

I'm happy with the vast bulk of what you've said but I don't agree with the second plant idea.

What happens with mining camps is you sink a lot of capital into the initial plant and depreciate it (rapidly) for tax purposes with strong cash flow in the initial in our case 10M Tpa plant. (Currently claimng 3 to 4 years payback period?).

The plant is laid out in such a way that expansion is envisaged. i.e. they lay the concrete pad with space for a second, major primary mill and further float tanks etc. These extra bits get incrementally added to increase plant output and depreciated while using existing or better-known metal prices support it.

The initial plant may well grow to two or three times the initial size over the years but they are not going to build two. Further, each plant expansion is a project in itself testing economics (yes a DFS) and important things like the ability of the environment to support it most notably the availability of water.

I have already drawn the parallel to the growth to nearby IGO/Anglo Ashanti's Tropicana but am happy to say Olympic Dam.

We'll grow by evolution not revolution - much less risky.