Ann: Ravenswood Update, page-8

Afternoon Guys,

I wouldn't write Loki's views off here guys, he has a lot of very valid points IMO.

Whilst we don't know any of the detailed reasoning as to why Ravenswood has been slated for a strategic review, with the sale being one possibility, unless there is a clear use for the proceeds that is AT LEAST as good as the Ravenswood development then, IMO, Ravenswood should be retained within a geographically diversified portfolio.

There are few natural buyers for Ravenswood IMO as a lower grade large dirt moving operation. Of the Aussie mid tiers that sit above RSG, Ravenswood would only fit into RRL's purview IMO. Neither NST or EVN would have the slightest interest. Given that, I would doubt that there would be a competitive tension that ensures a price close to a reasonably discounted NPV could be achieved from a sale.

I don't see any rationale for Ravenswood being spun out either into a separate vehicle. There, shareholders are simply incurring double G&A and regulatory costs by being having shares in both RSG and NewCo, accompanied by the added risk of a new management team running NewCo.

I like the growth profile of RSG and the clear pathway to progress to a c. 500k oz producer within the next few years ... remove Ravenswood from the mix, without a better replacement, and that growth pathway becomes a lot more murky.

Like Loki, I have little interest in investing in a Company that has material exposure to either Egypt or the Sudan.

Happy to hold for now and trust in JW's plan ... will reassess as move information comes in.

Cheers
John