OZL Capex, page-5

Exactly the dilemma, entropy.

Miners need to be very cautious on debt. I don't say never use debt, yet we know a few years of low commodity prices or a financial crisis can ruin strong businesses with quality assets, solely on debt.

If AVB's opportunities are as good as AC thinks they are, OZL has a wealth of options. Good work can be done with soberly determined priorities and careful project staging - all within OZL's control.

AVB's 'flagship' Antas mine is not operating at capacity (processing at 700kpa with 800kpa capacity, likely due to capital constraints). Fixing that will be an education for OZL in processing, metallurgy and culture.

But one thing at a time. The AVB merger has to close first.

Ash