Ann: 1Q22 Quarterly Activities Report & 5B, page-28

$1.25 billion ... they're a bit shy of the mark!

I'd pretty well rule out a takeover bid. I know you can never say never when your company is contestable every day, but put yourself in a Strike director's shoes and consider how you would evaluate a bid at present, given ...

> The WE reserve remains unknown but is certain to increase.
> SE is yet to be appraised.
> Walyering is flowing like buggery (technical term) and will exceed expectations on every front ...
> And is cheap to develop and next door to pipeline.
> Haber has gas and customers ... er, customer! Clearly the troops were kicking the door down to buy our urea.
> We own basically the entire fairway (unlike my golf) and the IP required to interpret it.
> Access to capital has not, and will not, be an issue.
> And - and in my opinion this point is critical - as a dirty rotten fossil fuel company we have a credible zero carbon strategy.

Back to the Board table ...

Today we're worth $700 million. I have a bid for $1.25 billion (and I use that just as an example). Do I sell for $1.25 billion?



Exactly. On paper it's an 80-odd per cent premium. In reality it is way, way short of the mark. Way short.

No company can be takeover-proof - evidence Twitter - but Strike has done a fantastic job of roaring ahead at a pace that means any potential acquirer is forever chasing the scoreboard.

OOO