Hello again Mr Patience, I'm pretty sure as an act of goodwill...

Hello again Mr Patience, I'm pretty sure as an act of goodwill Gino has given them the 17.9% at a nice starting price of 53c to get the ball rolling.

We all understand the TMF offer was made when Gold was just $2,000 in January and Gino has made it very clear it was a lowball offer, too low to accept, then ignoring the future royalties it was about 44c instant cash.

Gold has since risen + 25% and npv has exploded upwards to over $1 billion Aussie since last investor presentation in December 2023.

That would simply imply the lowball benchmark should know be sitting 25% higher towards 55c..

This confirms Gino has given then 17.9% at his lowball price and he would expect higher for his balance and for all other shareholders.

So my estimate is between 53c -> 75c if Gold price stays around US$2,500

The upside is Gino & Chifeng all know there is another 2-5 million ounces of Gold to be drilled... So he has said many times he thinks it's worth $1

Anybody who thinks it's worth $1, in reality would probably accept 75c

What's next :

1: If Chifeng and Minerva are friendly Chinese buddies helping each other without causing a bidding war, then Chifeng have room to buy another 10% without activating the 20% takeover threshold.. ( this would give them a combined almost 40% )

2: If would be nice for all of us retail holders to sleep comfortable at night if they just bought this 10% in the market up to 53c for starters..

3: Do TMF just give up so easily without a fight ? Or do they get pushed into action and lodge a better offer considering there was very good evidence from @VatreniHR they were representing ZIJIN MINING CHINA ( China's biggest Gold mining company with very deep pockets )



So, depending on the Gold price Holding above $2400- $2500 area, then we just have to wait until they make an official offer, which must come above 53c or Gino would go to jail for director insider trading which he wouldn't be so stupid to have done.

So then, the stage is set for if Gold rallies towards $3,000 in the next few months, then the final takeover price will need to be closer to 75c than 53c for sure...

And the Chinese are Gold bulls, they are not stupid, so they might want to get this all completed before the next leg up in Gold prices for sure.