Altona - Little Eva: A New Large Scale Copper Development

· Positive Definitive (‘Bankable’) Feasibility Study managed by GR Engineering Services

· 11 year life with reserves of 375,000 tonnes of copper (827 million lbs) and 205,000 ounces of gold for A$2.97 billion revenue.

· Annual production* of 38,800 tonnes of copper per annum and 17,200 ounces of gold per annum in concentrates (41,400 tonnes copper equivalent)

· NPV of A$252 million, IRR of 22% and a 3 year payback

· Simple low risk processing plant and infrastructure with a modest capital cost of A$181 million (total project capital $320 million)

· Average EBITDA of A$135 million for first 5 years at a cash cost of US$1.73/lb copper

· Altona’s combined annual production profile is potentially 47,000 tonnes of copper and 25,000 ounces of gold