abracadabra, page-11

Hi Bizzboy,

Its not to have someone on the ground, and it's nice to have leaks, especially ones which will see Focus re-rated. I know you said you can't say more, but maybe we need to speculate amongst ourselves, well for those not in the know like me (maybe i standalone), on what this JV may be.

OK, 1st clue is "BIG". so, from that, i can assume this is not related to Three Mile Hill or mines currently producing ore for that plant. I will also discount the adjoining tenement to TI as focus can purchase this outright without needing a JV partner.

2nd clue is "JV", from that, we can assume that they are not spinning off / selling anything. This is a good thing.

3rd clue is "closing soon". So, if we look at what Focus has on its plate outside of what is being processed through Three Mile Hill, we have Treasure Island and we have Nepean. I am going to discount Treasure Island simply because Focus themselves have said they are unable to define the geology without further investigation. I can't imagine a BIG JV, on something that is yet undefined.

4th clue is the share price. well, not all JV's are great believe it or not, but whatever this is, the market is happy with it, or at least the concept of such a beast.

So, that does only leave us with Nepean. The timing is pretty close to when Focus said they would make an announcement, the JV part certainly matches in with the fact that Focus in their own rights couldn't get this off the ground without massive CAPX, and it ties is closely with your Steve Miller Band subject title (i.e. most eyes have been off this in reality).

OK, anyone can make whatever they want out of words depending on how they screw it, but my screws are turning definitely in the direction of Nepean.

happy to hear other views on what this may be / comprise off and how they would maximise benefit from nepean in the form of a JV.

If i am totally wrong, then apologies in advance, but this is a forum, by definition, a place for ideas..