Ann: Becoming a substantial holder, page-3

JRV such a high quality pick going into 2018. Seriously the value here is obvious.

- Quality management brought in with Xtrata background
- Looking to strategically divest gold royalties which will bring in 10-20mil extra if they decide to execute.
- Already cap raised enough to fund short-medium term activites
- Credit Suisse been buying since September and took around 2mil in the placement, a sign of confidence with the value that's to unfold here.
- Tolga backed
- NiCo directly comparable on grade and size to AUZ and CLQ, which have Market caps of multiples from us. We've got alot of chasing to do.
- Recent placement brings opportunities to search and expand our portfolio of assets. Really keen to see what exactly they mean by this. I have no doubt management wouldn't be chasing additional opportunities unless it was absolutely worth it. Considering what we already have...

I expect JRV is just consolidating at these levels, at this Market Cap it's still got plenty to re-rate! Excited for 2018.