Ann: Change in substantial holding, page-7

The price won’t be increased. It is 6.7c.The Board & CAML have stated that they will accept tmrw, so Kinterra should then have well over 50%, so it is too late now for a third bidder.

HL would have bought very little at 6.7c.Most of their buying would have been done at 6.6c or 6.65c for a short gain which annualises extremely nicely for just holding for 7 to 10 days.

Kinterra are unlikely to increase the offer just to get the 13.6% HL shares, as they would then need to pay everyone else the increased offer. Although they would be keen to get to 90% to get to the compulsory acquisition threshold.Kinterra would be very aware that HL are an arbitrage fund and do not take a market view, so HL would be very unlikely to hold in the medium term.

It is a near certainty that Kinterra have reached 30% tonight, so they will announce this early tomorrow, and I expect their broker to stand in the market at 6.7c for the remainder of the offer period. No more risk free high annualised returns.

I too will and have accepted, but I can understand why some would wish to stay in for the long term. Copper long term has great potential. And with the tariffs, one in the USA is even better, which is why the Canadians want it. But it will take ages for it to come online. In the meantime, there could well be a deep recession.