Ann: Funding Package for Karlawinda Gold Project, page-28

Hi Nord,

The comments came from the outgoing chairman, see @Voytek ‘s post here

https://hotcopper.com.au/threads/ann-board-changes.4473417/page-19?post_id=36197194#.XBbouho_WhA

I’d been making comparisons between Bibra and Moorlart on these threads even before the RRL incomplete proposal surfaced as there are similarities with the grades, strip ratios and the fact both depoists have gold lateritic credits.

Given that Hawke’s Point shunned the original proposal and the board has now changed and the funding is all but sourced, RRL would need to come back with a much better offer. With the egos in this industry it’s hard to see that happening, but never say never. It looks like opportunity lost for RRL as these longer life projects in Australia are harder and harder to find. I suppose from their perspective they don’t want to pay too much considering the risks inherent in a new project and also it’s a project that they haven’t done the ground work on. As an acquirer you are trusting that the drilling and feasibilty work of the target company is up to scratch to some extent. Esh