Ann: Annual General Meeting Presentation 2019, page-95

I am not sure going in 100% on Buffalo is a wise move; but the fallback position, upon failure, is this much talked-up, and genuine, Dorado asset. Currently the SP for the Dorado asset is valued [today] by the market at 34.5 cents per share as it would be post Buffalo-duster and a company with somewhat reduced cash reserves.

A takeover at around 45 cents, at that point, would seem reasonable. Indeed an offer today for Carnarvon at 45 cents would seem like a proposal worth contemplation.

Deep pockets and algoriithms rule now; if the insto's circle the wagons very difficult to counter.

Just look at Bellamys; bought for a song by a Chinese company after the company's SP has been dropping incrementally for the past 18 months. Shareholders waited for "the shorting" to come to an end; it never did. Like Carnarvon's O&G reserves Bellamy's is a real player in the Chinese infant baby formula market whose market share in China is considerable.

God knows what those algorithms will do to Carnarvon's SP between now and 2024.