4Q2024 Valuation, page-47

RE your comments around managements plans and value/goal with regard to Ringrose/Rentails and Tanami Gold, here are some responses by management to Travis (off Money of Mine podcast) questions at AGM.

Agree BB needs to be lifted, otherwise it's not actually returning anything to shareholders. Find the comment that 'we are not fund managers' quote from management below on growth through acquisition hilarious given their Tanami Gold purchase. Just highlights how compromised the board is being APAC controlled. I think there is a lot more scrutiny on MLX now though then when this deal was done so will be interesting to see if this corporate bollocks stops.

I do disagree with you that we should earmark/ringfence a 'good chuck of cash' for an investment that, by your own admission is 'some way off yet'. Lots of time to build up more cash and fund through other means as we get closer to FID.