Ann: Detailed Restructuring Agreements Update, page-3

The following are just my opinions. If you look at the announcement of 24 June, you notice the revised framework has removed all the detail of X paying Y and Z paying X. That's probably for tax reasons. So all that's executed at present is a lease agreement for the land upon which the processing plant sits. Looking from here, I suspect the Filipino interests just continue to move the goal posts because they don't want to pay ANYTHING to X64. I reckon the next step will be for them to make an offer to X64 to buy their 40% of the holding company which owns PMC, which owns the mine. The offer will incorporate extinguishment of the inter-company liabilities and probably some payment that is way below real value. That will also be made by PMC/holding company so that the current 60% owners end up with 100% without having to pay anything further. Given what's happening in Philippines at present, there are probably some third parties who will need a cut. There is no scope for X64 to do much other than go to court in the Philippines, but they need money to do that - which has to come from PMC. So it won't come, and court processes in Philippines are extremely long, complex and difficult. If X64 try to argue about the value of MMPRC, the processor, PMC will just tear up the lease. If it hasn't been clear for months, this is the end game, but the past few announcements have made it more transparent. X64 has been suspended from 28/2/2023 so it has a mere 8 months left to get the shares back re-listed before ASX sends them to heaven. Re-listing will be made far harder because X64 will be an effective shell company with an investment in a repayment stream from PMC, that's all, and ASX will struggle to accept that. I want to be wrong but it's now very clear that X64 may re-emerge from administration but will not re-list.