Ann: 2024 Annual Report to Shareholders, page-8

Posters,

This will be the last post from me for a while because I am bored of the bickering and believe I am better off spruiking the potential of RIM to mates and potential investors. Despite all of farkarwee going on its still the best ASX listed opportunity since FMG at cents 20 years ago.

The prize here is so big it doesn't really matter if RIM gets 49% or 100% (obviously as a RIM shareholder I would love 100% and I support the Board in what they have done to protect shareholders from a recalcitrant potential JV partner).

Will TB be a good JV partner, I am not sure for the following reasons;
1. Billis is a prospector NOT an operator
2. His success has come in discovering ore bodies not mining them
3. Rand and Tribune are not the operators at their projects; Northern Star are the operators
4. The fact that he doesn't seem satisfied to be the JV partner but wants control of the company is a worry because;
5. I always worry as a shareholder of a company controlled by a person with loads of money who "is happy to play the long game". This invariably means sucking the guts out of the listed company and diluting it to nothing

That said McCubbin, Hutton et al have shown themselves to be quite savvy and tough over the past few months and I would think a person with Ian's experience would have very good, enforceable agreements in place that have been prepared by highly reputable resource lawyers (which I am led to believe they do have) and if they govern the earn in and JV we should have nothing to worry about other than some ongoing legal fees which will be worth very cent spent to make sure this thing operates as was designed to do. All good projects in the resource industry have legal issues attached along the path to development because the end prize is so big.

So regardless of 100% or 49% here is why we should not suck the sausage for too long.

For the first time the company have shed their conservative skin (which they have worn for too long) and are now talking 100k/tonnes-200k/tonnes at Murga and this is only 50% of the exploration target. Given the amount of drilling on the exploration target and the presence of Sc in 90% of the drill holes I would think there is a very good chance that the whole system is mineralized. This exploration target is a REAL exploration target that five years ago would have been an inferred resource. So let's say an inferred 150k tonnes (meet in the middle) on the current drilling (and there is a lot more to come); using the WA1 valuation it values RIM at AUD$3.20/share at 100% or $1.56 /share at 49%. BINGO.

So regardless of the outcome of any legal action everyone should be buying the buggery out of this. And if TB loses, the consolation prize for them, based on this valuation and their last substantial notice, is that their RIM holding should be worth $660 million. The only way we the RIM shareholders lose is if we let TB get control of the company AND they get 51% of the JV because I think they could possibly bugger the whole thing up for the other shareholders whereas RIM being in control will govern for ALL shareholders.