Spartan M&A must be good for OBM, page-28

Dear Mr CUBogan

i think OBM will be a corporate play once all the pieces are in place and the stock price more fairly represents the expectations of Hawkes Point (major shareholder)-

i can see an annual production rate of 150,000 ounces per annum and cashflows of over $200 million pa on the foreseeable horizon.

i can also see the ~$400 million tax losses being utilised rather quickly and that large cash flow used to build resources/reserves at twice the rate of depletion.

The exploration upside of the OBM ground is exciting and open ended, so an established company wanting to bolt on a good growth asset would be attracted to OBM.

i can’t discount the possibility of WES deciding to go into the gold business if they could pick up such an asset with such competent management and growth only limited by funding.
(Michael Chaney is Chairman of both WES & NST)

Second half of 2025 is when those key parts of the strategy (production and profitability) should be soundly in place and I’m expecting the price has to then be around $1, for what that may be worth to you.