Ann: Change in substantial holding, page-26

Hmmm..
Whilst nothing can be done about it, the Tempo royalty gives them.... or more pertinently whoever acquires their shares and perhaps the royalty a very power bargaining chip, that, for example, could be acquired by say, RMS with script + cash (cash for the royalty to Temp), and then be able to argue that a merged company would have clear synergies (by extinguishing the royalty).

Whilst we don't know for sure whether it is RMS, if it is, then clearly they are trying to time this acquisition to conclude before they put Edna May onto C&M, i.e... do a deal whilst they are generating impressive profits and still have a 250-300k p.a production guidance (though in 2 years time, it basically halves due to Penny running out).

I also think that the MGV acquisition gives RMS more 'synergies' and flexibility with a doubling of their throughput in the region, plus with millions of tonnes of low grade stockpiles at Mt Magnet that could be processed at either plant (or just enable higher grades to be trucked north west) and potentially reduce the need to 'throttle' the Dalgaranga plant altogether.

While I am biased and think SPR is likely to outperform the market for years to come (compared to the rest of the gold sector), I am also a realist, and RMS have timed their cash generation well, with SPR timing their discoveries well... though with such slim pickings of quality in the market, SPR is a rare best and rarity usually qualifies for a premium.

Good luck to all holders.