Ann: Noosa Mining Conference - Company Presentation, page-54

Sorry folks, of course Simon Lawson is the boss of the gold explorer, Spartan Resources, not the lithium explorer, Winsome Resources.

Patience is a good thing but Ramelius has been talking since, from memory, 2021 or maybe 2022 about their desire for a third hub and the issues with Edna May Stage 3 have been obvious to even dumbclucks like me for about as long. Ramelius is starting to look like the perennial bridesmaid.

I am sure Mark Zeptner's team have crunched the numbers but I suspect adding Dalgaranga to the stable would effectively push Ramelius into the next stratum of gold producers: they would have Mt Magnet and Dalgaranga as their core, they would have the luxury to pick through the bones of Edna May, they would also have (the very average) Rebecca Roe and also Spartan's project in the Gascoyne to develop.

Lots of people gave Luke Tonkins heaps for the deal he did with Silver Lake to agree to overs for Red 5. But my view is that strategically it was a good decision because the deal repositioned Silver Lake for the longer term, and the alternative - to not do anything - would have ended up much worse. I think the Zep has found himself in a similar position: acquiring Spartan will be expensive but by doing the deal MZ will have taken Ramelius into a better place.