Ann: Breaker Investor Presentation - RRS Summer Series, page-29

It would have to be pitched right up there. If you work off what RMU paid for Rebecca ($160/oz), then 1.7moz with our $80m cash would need to be pitched at circa $1.10 if there was to be a T/O.

And that's ignoring anything "interesting" coming from the drill holes at Ularrang or any further resource upgrade (which must be on the cards very shortly).

If RMU or anyone else wanted to go for a T/O, we would first see a big uptick in volumes as they build a cornerstone stake, so there would likely be plenty of price increase during that process before any bid would be launched.