Ann: Becoming a substantial holder for GL1, page-39

ANTON

Who understands the logic of Ramelius paying top dollar for Apollo and Lake Rebecca which offers no mill, and only a reasonable amount of relatively low grade ore. Maybe it is a brilliant example of lateral thinking in that Ramelius had repeatedly stated they wanted to buy an asset with a processing plant already up and running, and producing at least 100k oz with at least 5 years known life of mine with metrics at least as good as their Mt Magnet hub. That Apollo fails on every metric the company set itself must be why it was such a dazzling move.

Given that Ramelius has done pretty much every thing they said they would not do, they may well go after some more relatively low grade ore from Lake Coe. But in the old days, before Bob Vassie took over as Ramelius's chairman, the successful model for Ramelius was to buy an operating mill being fed with lower grade ore as a base and then go out and buy smaller, stranded but much higher grade deposits. Under the old successful model I don't think Ramelius would be interested in Breaker... but let's see.

PS I think maybe a lot of people are not giving sufficient weight to the potential benefits of Breaker's Manna deal with Global Lithium. I was listening to a podcast from a couple of lithium enthusiasts yesterday in which they said that there is developing a severe shortage of hard rock lithium to feed the Chinese processors. Maybe in the longer term demand and supply might balance out but in the nearer term things might get quite desperate. Given Breaker's decision to stay a gold company, their 20% retention in Manna and their 10m shares in GL1 could multiple bag this calendar year and cover much of the costs of developing Lake Coe.