Ann: Becoming a substantial holder, page-9

I think they will both remain investors in the project regardless of the outcome as they understand the value of the ore body/potential for huge resource growth still existing below current MRE, from memory Nicks last Tranche was purchased around 37c which gives him a ~21c premium at todays prices, would hardly suggest its a minimal profit considering the 40million he currently holds... circa 8 mil to purchase back into the project under new ownership perhaps?

Agitated describes the Cardinal situation well - SRC made multiple applications to the T.O.P including the release of both participants from their respective 'last and final' offers for Cardinal.

https://takeovers.gov.au/reasons-decisions/2020-atp-23