Ann: Becoming a substantial holder, page-15

RVR paid $4m script in August last year. Similar sized concentrator but much more complex polymetallic circuit to accommodate the complex polymetallic/refractory ore. Having said that it has atm much more line of sight prospectivity. 3 other companies have done their arse here but at these gold prices it is worth a crack for non cash payment. So for $196m dollars less RVR have achieved what AMI believe they have bought but with much more exploration upside. The tungsten and antimony markets may be an opportunity but are very shady and Chinese dominated. They should have chased organic growth through copper (the real renewable metal) instead of chasing a high capital short mine life asset at near historic high POG. Menzies bailed for a reason and DC looks to be a show pony. The underwriters are going to dump it when the retail raise fails. More downside than upside looking through the lens atm. Hope for all those who put faith in these guys pays off but you need need a steep decline and a mighty tail wind.