The Lady Annie copper deposit was first discovered in 1919. Since then, various parties and companies have worked the area intermittently and mostly on a small scale. Following the discovery of the nearby Lady Loretta zinc deposit in 1967, the majority of attention shifted to the development to Lady Loretta.

Buka Minerals Limited (“Buka”) purchased the Lady Annie and Lady Loretta deposits in 1996 and commissioned a pre-feasibility study into the development of a stand alone cathode copper operation at Lady Annie.

In June 2004, Avon Resources Limited announced the launch of CopperCo Limited with an aggressive growth strategy to become a major independent copper producer and entered into a number of agreements to acquire:

•        100% of the Lady Annie Project from Buka,

•        100% of Reefway Pty Limited (Reefway), and

•        100% of Savannah Resources Pty Limited (Savannah).

In September 2004, CopperCo successfully completed and financed a $25 million series of acquisitions consolidating several prospective copper projects in the Mount Isa region including those at Lady Annie and Mount Kelly. The acquisition and development of these projects has provided CopperCo with the opportunity to rapidly develop the company into a high margin copper producer in just over 3 years.