Ann: Andromeda and Minotaur to Combine, page-49

Brilliant execution @tinhat!

It's going to require a bit of patience to ignore all of the noise over at ADN and wait for next Easter to roll around. (That's a random date with no special significance other than being far enough in the future for James Marsh to pull a few rabbits out of the hat e.g. DFS/BFS, concrete, HPA, cosmetics.)

In the meantime hopefully there's a bit of exploration success at Peake & Denison for example - https://www.minotaurexploration.com.au/wp-content/uploads/2020/09/Project-generation-lesson.pdf

or at the Breena Plains JV The Gap conductor - https://www.minotaurexploration.com.au/wp-content/uploads/2021/09/ASX_MEP_BreenaPlains_14SeptemberwJORC.pdf

I see @Ashentegra guesstimate a value of $15-30m for Breakaway. That's ~3-6 cents per MEP share on a pro rata basis using SOI ~500m. Obviously a discovery changes everything.

Then there is the takeover of the Eloise Mine next door and what that might mean for monetizing Jericho. Hopefully OZL can be persuaded to drill some deep holes below 600m to see if grade increases at depth.

I guess this sort of speculation on a valuation range for Breakaway will take time to develop but at some point in the new year it will be material to people's assessment of the overall deal.

Subject to CGT considerations, a 1:1 swap at the same price seems a good deal, especially for a zero-tax vehicle like a SMSF.