Ann: Godolphin Resources - a spin-out of Ardea's NSW tenements, page-24

all companies have director fees. This is a bizarre complaint.

the question is, can shareholder value be enhanced or hindered by the spin out.

I'm here for Ni Co, and while I can accept some gold exploration it doesn't get me excited and I'd rather we be 100% focused on Ni Co. It's possible investors like me sell the gold news. Conversely, there are investors that have the opposite view of me, and they are selling the Nickel news.

Investing 101, the market typically struggles to price companies where they have diverging business interests. So at a really basic level, the spin outs helps both assets be priced accurately in the market.

At a basic structural/management level, the spin out gives the best opportunity for all these assets to be explored and ultimately developed with the focus they deserve. Having a WA based Ni Co team trying to land a significant global EV sector partner, while also developing NSW based gold assets concurrently makes no sense.

The best example here is the most obvious. If goongarrie had remained with Heron, KPMG would not be running a global process to land that asset a strategic partner