Ann: Equity Raise Presentation, page-26

So why did SL let Ramelius come up to 19.99%?

There has been no indication of any bad blood with either parties since RMS popped up on the register. RMS can see it's an incredible project, with some mind blowing numbers and with scope to get much bigger. Hence why the insto's have poured into the raise.

So where to from here?

For me, RMS can't afford a full takeover without diluting themselves and I can't see MZ doing it, particularly as he walked away from Karora.

I also don't think SPR holders would accept anything below $2.25. I certainly wouldn't entertain it, because I think SPR could be double that if we give SL and his team the time and opportunity, particularly with a lot of loot in the bank.

So SL probably had a word with MZ and told him, yep come up to 19.99% and become one big blocking stake. Because if you can't make a deal happen, then ask for an absolute fortune if someone bigger comes along. And if that doesn't happen and SPR get real big, then you own 20% of a real monster in this space - with limited "risk".

P