Ann: Ramelius Takeover Offer for Explaurum Limited Presentation, page-93

Given the exploration potential and the spot light that has been put on the company by RMS’s offer, a raising by EXU at this stage would likely be well supported and paid back in spades as the Mace resource estimate comes out in Oct together with a revised mining study. Also more extensional drilling is being done to the west of the Mace deposit next month.

You might think the timing of the offer is an indication that good news is coming out for RMS but to me it looks more like RMS is trying to jump the gun on Mace, ie get in before an enhanced value of thenTampia project can be estimated and published to the market. The chance of finding more of these paleochannel style deposits is very good especially if they also manage to find new primary deposits on their extensive landholdings that contain many underexplored targets. I think you might have a case of viewing RMS through rose coloured glasses at the moment. The company is in the middle of a tight balancing act of completing mining studies on, Shannon, Hill 60 and EM stage3 while also still seeking some key government approvals. If they make pro rata production guidance in the second half of CY2018 I will be surprised. Esh