Ann: Dalgaranga Update and Continuation of Voluntary Suspension, page-60

I've been a holder of Ramelius from since before Wattle Dam and did well as they transformed into a great mining company in the period from about 2014 to 2020. But in the best traditions of being cursed as businessman of the year they seemed to have topped out on being named Miner of the Year at Diggers in 2020. Since then they have continued to be solid operationally but have been rubbish tactically and strategically, coincidentally or not since when Bob Vassie somehow managed to get the chair's gig. In that time they've allowed some major decisions to fester away, including to acquire a third hub. They have been talking about fixing that particular leaky tap for two years now and they seem to think it good enough to just confirm yet again that it remains on their to do list. I thought Bob Vassie gave another exhibition of cluelessness at the AGM in some of his statements and answers. For example for him to suggest that hauling 1.2 g/t gold from Rebecca for processing elsewhere - like where, btw?? - was even an option .... FMD! The bloke paints by numbers.

Which is a long wind-up for me to say that as a GCY holder I would not want Vassie and his bunch of ditherers anywhere near Dalgaranga. I very much agree with red-frog's take, and hope that the Gascoyne board hold their nerve. I know Simon Lawson tends to be Action Jackson but he needs to continue to temper any impatience. The company owns one of the newest, most efficient mills, it appears to have a good supply of decent grade ore in close proximity to the mill, and there are a number of stranded high grade deposits within trucking distance. The likes of Bob Vassie may not see how primed the Murchison area is for consolidation so players with a pulse like SL should steer well clear imo.

I've not had much to do with Bellevue Gold but to show how small the WA mining sector community is I have recently started following Cygnus Gold which is actually a lithium hopeful in Quebec set up by a number of Bellevue Gold insiders. Also on the CY5 board is Michael Bohm who was until recently also on the board of Ramelius during its glory days, and the incoming MD of CY5 is David Southam who is currently on the Ramelius board. So the Ramelius guys are chummy with the Bellevue guys. Anyway, whether by luck or good management it does look like the Bellevue team are up and at 'em and not there just for the board fees. So my first preference is that Gascoyne works its own way through the situation they find themselves in but if they do have to get taken over then certainly not by a Vassie-led Ramelius and probably not by Westgold but maybe by Bellevue.