Ann: Ramelius reaches 90% interest in Breaker Resources, page-7

Only the fullness of time will reveal the true success or failure of Edna May. There is an element of deferred costs, which may never have to be excerised depending on how they play their cards.
Perhaps there is or will be a series of stranded assets within the region that will be acquired, perhaps there will be a collapse in diesel prices which will make Stage 3 more pallatible, perhaps they will sell it. So many moving parts and scenarios. We'll have to watch this space. The greatest comfort with RMS, is that they have multiple options and paths and cash. In addition, as I have historically said, the beauty of RMS is that they can hold their breath for a very long time, while their rivals may become insolvent. RMS is a highly levered quasi long dated option on gold.