A1M: General Comments, page-556

Most of EVN's transactions involved script/script + capital raise + debt facility to purchase an operating asset. Once A1M is on solid footing, I assume this will be the modus operandi. EVN seemed to pay for quality assets then improve them to generate excess returns.

Concurrent with the plant upgrade and Jericho development, the Eloise asset needs one other piece - a replacement for the Eloise Ore (500-600 kt p.a.) should exploration success wane and production taper off over the next 2-3 years. CNB's deposits might be a fit (see pics below). There are plenty of options in the Curry / Isa region. It'll be interesting to see what they come up with. I'm not sure what a likely maximum tonnes per annum from Jericho will be? I'm assuming around the 400-600 kt, but I suppose it'll depend how the orebody develops.

I'm a big fan of the drive from Eloise to Jericho - the exploration opportunity is fantastic. The Eloise deposit has a terrific endowment and the opportunity for high grade extensions is real (in my opinion).