Ann: Change in substantial holding, page-9

So the IE report shows Ridley having an overall valuation of just over 0.1c per share or $12M yet after the PFS was done, an offer of $230M was offered for 70% of project. High grade concentrate at 68% is at a US 50 premium to standard fines which was nowhere near the case back in 2010!

See below


https://www.themonthly.com.au/issue/2010/august/1281336434/paul-barry/chinas-quarry

They knocked back $230m for 70% share in Ridley in 2010. The MD says at the time "we're not going to give it away to raise just a bit of money".

That would have given total valuation of project at $330m.