AQD Investment Case, page-5

Sorry, one more thought relevant for those who may not have been following as closely.

The humble, workman-like nature of our management means the nearology elements of our projects have been a little understated (vs. other management teams who'll pump anything with 1,000km)

Below are our project locations in Peru.


Now they're drilling Chololo first (contracts awarded, in the final stages of acquiring permits) so I'll focus on that project.

Toquepala is owned by the world's second largest copper producer and is only around 50km from Chololo. According to the USGS, it has also produced up to 25% of Peru's total national copper output in the past, from grades that exceed 1% Cu in some parts of the mineralisation (~0.4-0.5% overall). Point is, this is a very significant mine in close proximity to Chololo.

The others?
Tia Maria (also owned by Southern Copper) will produce 120,000t p.a.
Quellaveco is Anglo-American's with a really strong mineralisation that Southern Copper have been trying to buy off AA and bring into production.


The icing on the cake? These are also super low cost mines....Southern Copper's portfolio of assets (of which the assets in Peru are key) produce copper for
The takeaway: this is an extremely rich copper region which can likely be extracted at attractive economics. I'm certainly optimistic for the first drill results over the coming months.