Offtakes etc..., page-13

Tremont owns 50% of Panda Hill and I think almost 20% of the entity (aka Cradle) that controls the other 50%. I think from Tremont's point of view, it would make a lot of sense to take control and sole ownership of Panda Hill before the full value of the project is realised and then enter negotiations with a third party for the big bucks - or operate it themselves.

Item 6 in that Schedule suggests to me that the whole thing was very much set up (including by Cradle as a consenting party) for Tremont to take full control and ownership of Panda Hill (and Cradle) once the DFS is completed. I think we as Cradle shareholders will still do well out of this, but perhaps not as well as we'd like to or as the potential see-through value of the project suggests we might.