Ann: Boardroom Radio Webcast, page-3

Some of my notes (and opinions) from the interview.

Ralph states, "This brings the whole project together in clear, transparent relationship."

I agree wholeheartedly, the market has been asking for this for a long, long time (at least the brokers and several posters on here).


The interviewer then asks if there is any concern with control.

Ralph said no problems with the cornerstone investor, they've already had control and the relationship has been (and will be in his opinion) positive, and then John adds that CSD have been managing Snow Peak's assets and have delivered on them, moving from care and maintenance to production and the relationship has been good.

Having actually met Mr Tong, etc, I'm more than happy to accept their finances to continue the project, knowing that they also need to cover themselves. Yes, it is a great deal for them and if what Martin hints at is true, then it should be a great deal for us too.

Martin says that the relationship between SPI is looking for long-term investment and product security. He suggests that we should be able to access overseas finance.

John says we have immediate access to an operating company and moving to poly-met in a months time!

From this acquisition, we not only get the plant, the leases, information, etc, but also the skilled and experienced staffing, equipment, laboratories, etc. In terms of the tin project, we get a significant capital offset and a significant reduction timeline.

According to Ralph, tin still is the main game but now we have diversification into base metals, copper, lead and zinc.

Conversion time fellows!

Things to come:
* Finalising agreement
* Notice for meeting, including independent expert view
* FIRB approval (shouldn't be an issue)
* EGM
* Finishing primary copper run, then moving to poly-met operation; zinc, lead and copper.
* DFS and in parallel determining long-term finance

In summary, Ralph says it brings the two projects into one, and brings it a clear and concise direction to take the project forward.

It looks all good to me, once we know exactly how the funding will be arranged then I can comment further. Long-term debt to pay for the significantly reduced Capex is my order and it appears the investors are here for the long-term and hopefully can help us out, without further dilution. Not knowing the exact plan, that is how my gut tells me things are working.

Fast-foward button anybody???

BTW, Ralph is in a suit and tie!

;-)

TOOT, TOOT!