Ann: Capital Raising Completed, page-19

A first right of refusal is simply that. MACA aren’t in the business of owning and running mines, they would jump at any opportunity to get 100c in the dollar (or maybe less). Nothing is legally limiting anyone from launching a TO for BDR.

I never said it was likely, I actually said the exact opposite but this is a market and stranger things have happened. An offer from left field by a player with the ability to payout the debt is not beyond the limits of imagination. The only parties that can make Tucano work are parties that know how to mine on big scales and aren’t constrained by money. The bulldozer approach to mining with a view to riding the cycle. Wear some losses until the operation runs efficiently then ride the cycle to get the “real” life out of the asset. That’s why a company like FMG makes perfect sense, they know how to move dirt efficiently. I don’t know however if Tucano is of the quality or scale to attract FMG. Remember Tucano also started with a concentrator to produce magnetite as a by-product. Just saying. Esh