and ask the asx, page-17

Westmoon,

HNC are in box seat which ever way it goes, you will recall previous post only 3 possible outcomes going forward.

Maintaining operation is dependent on HNC providing further capital, why if only 50% of upside, so expect them to end up with 100% less whatever they want to leave on the table for shareholders to maintain listed vehicle.

If current operation is not economical closing it down will be sensible thing to do if they can buy Cu on spot market cheaper than producing it so why bother.

Creditors will accept X cents in the dollar if it is a better outcome than going into formal liquidation.

All assets of CMR has must be used to satisfy debts, so sulphides and uranium will be lost due to debts exceeding assets of CMR, HNC will end up with the lot, they can sit it out until markets improve.

By enforcing their security over debt scares away any other party and pulverises expectations of creditors softening them up for a take out at large discount to their debt.

R&M is only obligated to get back secured debt to HNC thereafter they pass anything left over to FH.