3rd parties, page-7

I'd be happy enough for them to flog Railway off to RIO for say $600M in cash, then give a cash distribution back to shareholders of say $2-3 ps leaving $150-300M in the kitty.

Then when the market discounts it below cash backing as in BRM's case and a few others, go back in and top up again with some more shares, whilst UMC toddle off to find further significant discoveries at any of the other exciting targets they have on their tenements.

Leaves them plenty of coin in the tin to JV or develop on their own with minimal dilution required to raise more development funding if required.

Gives holders an opportunity to take some money off the table at a respectable price whilst still exposed to any further discoveries with significant upside.

Caveat emptor........Need another Railway discovery or two.