Ann: Fremantle Conference Presentation, page-12

That big red circle has been drawn around the tax loss and franking credit position in company presentations for years. The commentary around these was to highlight a 'no tax payable' situation for the first stage of the mine plan and the ability to push 50 odd million dollars in dividends out.

There would be no sense in angling for a takeover at this very early stage of operations. Especially so given the debt free/free cash generative position and the yet to be drilled Kanamntoo Deeps lode (which will increase the value by orders of magnitude once
proven)

Company value should increase 7-10 fold once the market works out Kanmantoo is a 20-30 year mine instead of 3-4 years with the current teserves.