Ann: Application for quotation of securities - LRS, page-18

I find that Takeover speculation is wrong 99% of the time, so I don’t want to be the one who engages in it (in any meaningful way).

Some other posters speculated that the failure of Sigma’s takeover process could mean that those parties may look for another deposit in Brazil (and the timing of this Canaccord mandate matches up very closely with Sigma confirming their process had fallen over).

The total cost of these options (if all are exercised) is $11.5m. This is the part that gets me - it’s a huge quantum of cash if they want to exercise.

I did a quick google for other companies that have engaged Canaccord for a ‘corporate advisory mandate’ and found a few examples. But in each instance the option expiry date is years in the future and exercise price isn’t far from current SP.

Anyway, there’s probably another less exciting explanation than a takeover. There’s very few examples of deposits being taken out (2) years before production (except for a very large deposit like AZS).