OZL Capex, page-9

@ chris

Pedra Branca does look enticing. However, I don't expect a sudden jump into execution.

The OZL offer presentation says: "May 2017 PFS recommended an underground mine targeting PBE, producing 24Ktpa Cu and 16Kozpa Au with preproduction capex of US$158 million ⁄ DFS expected in May 2018 ⁄ Permitting process underway."

Still much work to be done.

Long-term OZL holders will recall the Carrapateena mine plan was reworked a number of times to optimise the project. Some plans were to high grade it in pursuit of quicker returns. The current C mine plan will evolve again as ore is dug and more is learned.

Assuming the OZL takeover is successful, each and every Avanco project will be put through a similar lengthy process, beginning with a fresh appraisal of Antas to improve efficiency.

Maybe the capex concerns I opened this thread will aren't really going to be a problem.

Ash