Ann: Carrapateena Mining Lease Approved, page-3

Good news on Carrapeteena - underway at last!

OZL has a very big capex program ahead if the bid for Avanco succeeds. Carrapeteena $A912m, AVB purchase $A216, modest extra capex on Antas North probable, Pedra Branca $US158m, Pantera unknown large, Centro unknown large.

This is do-able if Cu Au prices hold up. It will definitely take all the cash on hand, future cashflows and oblige OZL to borrow some.

Skillful staging will help. I think it worth it.

Ash