Ann: Results of Meeting, page-48

I agree with that. The prospect of a stand alone operation successfully completed under the Capricorn banner have diminished substantially, practically zero IMO.

What about adding value with the Tramore resource/reserves? Gone IMO.

RRL were all about repurposing their Moolart Well mill, ie moving it to Bibra.

Bibra is worth a lot more IMO on an NPV basis to RRL than CMM as they should be able to reduce CapEx considerably by ultilising their own mill but those facts will never come into the discussion and independent valuation reports as this is now set up for a big fire sale.

The debt funding obtained by CMM can be repaid early at any time without restriction so any drawn down debt can just be repaided by RRL in an asset sale situation as part of the deal.

If these new guys really have a deal lined up with RRL they will stop or slow down all progress on construction and spending as progress on the current project will just interfere with RRL's own construction plans. There might also be a few break fees payable to the funders and people that may have already been contracted to the project who RRL won't use. Hopefully RRL become liable for any such fees if they make an offer for the project.

If these riaders actually don't have a deal lined up here we are going to be much worse off as they look like pretend mine directors not real mine directors. Has any one of them built and operated a mine for any significant amount of time before?

If there is no actual deal behind these raiders I'm going to be fully spewing.

This is all about the cheap carve up and nothing else IMO. If there is no deal and we are stuck with these guys for the build then watch out below as this will get sick real quick IMO. Esh