very quiet, page-45

Lord Splesh and Shimmer,

They both are good outcomes IMO although I don't think $50m will do very much except get a top 5 holding. Most of the big holders in the top 20 will not budge easily IMO. I hope it plays well into Peter's hands and nothing underhanded happens. We all need grades for sure, but I'd say Peter's shown the core to these guys and they would have been able to access roughly what's drilled in about 8 holes.

I would not be surprised if a JV offer was put on the table. We know Peter is not interested right now because he thinks he can add great value to the deposit, but there will come a time perhaps next year where Peter will have to consider any offers if they are there. All I can say is that its wretched luck for us that the general markets are so shakey.

IMO $2 would be fantastic but very roughly an equivalent offer for $400m for 80% perhaps would be better for FNT.