Ann: Company Presentation, page-14

Took your advice and listened to the webcast. One of the Q's got me thinking.....

From 35.30 a couple of questions asked and answered in a way which IMO shows the mindset of OZL towards their Carrapateena province and their recent Avanco takeover.

I can imagine some similarities between Carra. and WMP, albeit the projects are at different stages of progress and in different geological environments. Both have an advanced project with ongoing definition work at regional deposits and exploration targets.

Carra ~= Nebo Babel in two ways: High grade core at both with also a large lower grade "halo" that could become viable once a mining matures.

Fremantle Doctor/Khamsin ~= Succouth/Yappsu? more advanced to less advanced deposits. Recent drilling at Khamsin sounds like it has excited OZL - most companies would like 400m @ 1.5% Cu equivalent.

Punt Hill? ~= OTH and others early stage projects (Esaglia/Suez/Babylon) and exploration potential.

If things work out at WMP then OZL could treat it along the same lines as the Carrapateena province - High grade starter pit, studies to see if the low grade halo could be mined profitably, followed by other projects in the area if economic.

The Avanco takeover sounds like a win for the staff already on the ground to keep working with a new (more cashed up? and aggressive?) management.

To get the WMP up to the mine stage IMO needs this type of management plus the willingness to be innovative.

Also helps to get good infill and exploration results at West Musgrave. ~80m ~1.2% Cu equivalent at Yappsu; ~26m @ 2+% Cu equivalent at H-T.

Many hurdles to overcome before any mining decision at Nebo -Babel so a lot of patience required.