Ann: Copper-Gold Resource Acquisition, page-29

It's great that the 1st RoR (first right of refusal) has been relinquished, but how WGX agreed to do that is not known. I suspect though that it has nothing to do with Chunderloo's worth or value.

The 1st RoR was given to MLX as part of the deal. Copper has always been RNI's target metal so you'd expect the company having a 1st RoR would be a copper company. Therefore, it was a bit puzzling at the time as MLX was not a copper company, although it had just stated that it wanted to become a copper producer. It has is of course, but no-where near the Bryah basin. Maybe it had something to do with the gold in conjunction if vms cu/au were to be discovered. I think though that it was a defensive mechanism to potentially hinder SFR with regard to buying Doolgunna, ie put a big hurdle in front of it. RNI and MLX had some common ownership. In fact RNI could have asked MLX to take a 1st RoR and MLX obliged.

What happened late last year was the demerger of Westgold Resources (WGX) from MLX with WGX being purely a gold company and MLX purely a base metals company. I think that Westgold Resources pty ltd, a subsidiary of MLX, bought Fortnum from RNI and the assets of that proprietary company at the date of the demerger then became the assets of WGX. I know that the 1st RoR was transferred to WGX, meaning that a pure gold company held the right over RNI's potential cu/au tenements.

You would therefore have to ask yourself: 'Why would a pure gold company want to buy copper country?' The answer is that it shouldn't. In fact it would be unrealistic for it to want to do it.

So, we then had WGX with no tangible mineral benefit with a 1st RoR . Therefore, it may have given it up voluntarily. But if that is right, what about my theory of the spoiling tactic against SFR? If true, then the relinquishment could mean that the tactic is no longer relevant.