Nothing Holding Us Back..., page-53

Hey CB - thanks for the analysis and opinions and here is what I am thinking.

(1) MBN is neglected but they have finite resources and are going full bore at SN/WT/FL. If they have a lazy few mill in t he bank and no drilling plans I'd be more agitated about MBN.

(2) The reason for the decline is because they are planning on mining MB/T1.

From August 2017: As previously reported, Peel is undertaking a pre-feasibility study on the high-grade, near-surface zinclead-silver-gold T1 lens at the Mallee Bull Project which is a joint venture with CBH Resources. The aim of the study is to investigate the conceptual development of T1 as a “dig and truck” operation, under which ore would be milled at CBH’s Endeavor mine approximately 150km away, where surplus milling capacity exists. Prefeasibility concepts will consider open pit and underground mining scenarios, followed by the development of an exploration decline to ~300m below surface to enable the underground drilling of the primary Mallee Bull copper mineralisation. Peel and CBH believe this scenario could allow for a reduction in total capital expenditure and the staged mining development of the Mallee Bull deposit

Don't understand how it takes 8 months+ to produce a report like that. Completely unacceptable.

(3) MB has ~7mt cu equivalent @ 2.6% of 175,000 tonnes cu eq. Just focusing on the copper that will be mined via the decline (~119.ooo tonnes) can you let us know why you think it's not commercial to mine it. I've done a back of envelope calculation and it seems commercial to me.

Happy to be corrected if anything I had said above is not accuarate.