Yeah I’m just playing around with numbers mate, got a bit tied...

Yeah I’m just playing around with numbers mate, got a bit tied up in here so playing with a few scenarios... I don’t see the open pit getting much more than 30mt @ 1.05% Cu, 15 g/t Ag and therefore think there’ll be an NPV around A$370-A$420m after tax ($3/lb copper price). This won’t be a surprise to the market I don’t think. Hopefully I’m proved wrong and they pull a rabbit out.

The surprise might lie in the UG scoping study which will hopefully be released along side the open pit DFS (they said Q1 in the recent quarterly). If we can etch out say 3-4mt @ 2.0-2.5% Cu ($130-$170/t ore) this could add something around $100m to the NPV.. one to watch.