"but in the future they will be asking for more than 25%...

"but in the future they will be asking for more than 25% share."

That is all very good to state that point and ask for a larger share, but at the time the deal was reconstructed, PLY needed the support of EXS at that level to get the project up and running.

PLY have been good operators and White Dam has been an excellent project for all concerned. It has enabled PLY to grow and get their ASX listing done. But they needed the support of a big brother, being EXS, to get the project into production.