Ann: GMD: Second Supplementary Bidder's Statement, page-13

Market response to the sbm merger is neutral to negative, sbm are almost back to where they were pre deal. The smart money cashed out as they know the skilled labour shortage crisis in WA cannot be resolved easily.

Only a higher gold price can save SBM but all gold boats will rise so its a question of which boats do you want in your gold fleet and sbm is not one of them

I am diversified across gdx, ncm down to the tiny tots where the big money is made in a gold equities bull run, coming soon.

ask yourself what DCN would be worth at $AUS3500 Gold given its resource base .Dcn is roughly 15% of the market cap of Hoover House but with a modern mill.

The real prize in this consolidation game to my mind is that modern MM mill which would probably cost $300m to build now