Ann: Corporate Update, page-69

Squire, I have been saying this for ages: Sandfire should take over ownership of the whole of the DeGrussa- Monty area and asap. Tubber's opinion gives support to that view imo. Whilst it has all of the Monty copper tied up, and probably all other copper found in the JV tenements with TLM, certain efficiencies dictate that SFR should buy TLM's 30%.

That's 1 part, but there are 2 other areas where it has no say at all and they are RNI's Doolgunna and Thundelarra's Red Bore and both are potentially very important pieces in the Doolgunna area vhms jigsaw puzzle. THX also has another area of interest nearby, Curara Well, and SFR should take that on as well.

Therefore, so far as RNI is concerned, SFR should buy it 100%. It makes sense for both parties. SFR would want it and RNI has found it a bit difficult and it looks too as if it has found a valuable replacement in Forrest-Wodger-Big Billy, perhaps easier and bigger even .

Get as much $$$$ for Dool from SFR and use it to explore F-W-BB, and now also Chunderloo to test what's there.

I have no doubt that RNI and SFR have seriously discussed a sale/purchase of Dool in the past, but the $$$ has not been good enough for RNI. It continued to explore Cuba instead, and it does look very promising too. SFR must be able to see that from the results so far. However, RNI stopped working there 6 months ago. This is the last ann 18 October - http://rninl.com.au/wp-content/uploads/Doolgunna-Project-Update.pdf. Maybe the work stop there could be teasing SFR. THX stopped working Red Bore many months ago as well to go gold exploring somewhere else.

Maybe the release of the 1st right of refusal by an RNI-friendly WGX is relevant to an imminent sale/ purchase. Other signs of a transfer of the tenement could be the very recent OK to mine Monty thereby probably removing an obstacle for SFR and also Friday's RNI ann of having received 'competing transaction proposals from credible parties in respect of the company and its assets'.

One such offer could be from SFR to buy Doolgunna, could be.

Another could be a takeover offer by SFR with a demerger of all non-Doolgunna tenements which would then be taken up by a newly-formed company of which the shareholders would be current RNI shareholders. Sirius and IGO did this - http://www.fool.com.au/2015/05/25/i...us-resources-n-l-heres-what-you-need-to-know/. There could be good tax reasons for doing it that way. It looks cumbersome though.

The ann said '....credible parties...', so more than one party. SFR and ????? - MLX? IGO?

The future for RNI is away from Doolgunna. Get $$$ for it and find the big one at F-W-BB.