Ann: Rex enters a A$393M Scheme Implementation Deed with MACH, page-66

It’s a good premium. Highest price in 10 years. They’ve spent 18 months trying to get a partner/financing and this is the best they have found. I would expect this to go through in the absence of a higher offer. It’s a large deposit but it’s low grade and has a pretty high capex and low IRR. I’d be happy with 47c. There’s a reason there has not been a lot of progress over the last 10 years - its metrics aren’t that great and it’s hard to get financing for the mine. I hope the FIRB approve this - it’s low grade and no one else has shown interest in financing or developing this - they’ve had plenty of time to show interest. I think FIRB will approve it as if it’s not approved then the mine won’t get built anytime soon. That’s Australian jobs and investment that’s not going to happen. I don’t think it‘a a steal at 47c. I think it’s a fair price and I don’t think shareholders can expect much more - it has a $900 million capex and a IRR of 19%. If they think it’s a steal at 47c they should have been loading up in the 20s. MACH also have to be able to make a profit for all that capital and taking on the risk of execution. I’ll be voting yes ( in the absence of a better offer ). GLTAHs