Ann: RMS: Ramelius makes strategic investment in Spartan Resourc., page-148

SPR seems to be multiple times the size of other companies RMS has taken over.

MC of RMS $2.17b and EV - $1.625b; SPR - $1.02b with EV about $900m.

A hypothetical - say in 6-8 mths SPR sees the size of Pepper becoming to look like 500k Oz to 800k Oz and they discover another NN/Pepper below WW and it’s 50% the size of NN+Pepper and its SP goes up to say $1.50 or a MC $1.65b If RMS wanted to TO SPR they may need to offer $2.00 a MC of $2.2b - RMS current MC.

Under this hypothetical - A. its more like a merger Or B. It’s a very big TO for RMS or 6-8 times its previous TO? (Not sure the 6-8 is right).

No idea if it will turn out like this scenario. My point is SPR is a very big TO and RMS better to act quickly if the scenario turns out to be anywhere sensible.