Ann: Entitlement offer to raise up to $7.62 million, page-16

You are dealing in semantics. As more than 20 years has elapsed since Youanmi was an operating mine, it is ostensibly a new mine.

Your point about Hawkes Point’s importance on the share register is absolutely true. They also bring technical skills to the table so IMO their support is a big tick for the project and they play somewhat of an “audit” function.

I am unsure what you mean by a better time to enter? At a record POG with a PFS which will have a lot of zeros in the project NPV valuation. I am also confident that RXL will have success in offloading non core assets in the near term future.

RXL is going through the normal process of Scoping Study, PFS and DFS. There is nothing at all unusual about its timelines as they stand. Most of us acknowledge that there were some shady announcements in the past, predominantly before the current CEO was appointed. I believe that Rob Ryan is a competent CEO and will take Youanmi into production. My bet is that he will also participate in the CR and that adds another dimension of confidence to me as his shareholding is material enough in my books to make a statement.

This CR is a gift as far as I am concerned. I recently noted that AAR issued shares to instos at $0.05 and their share price now sits at circa $0.07. Unlike that CR, where wealth was created for new shareholders, this CR allows current shareholders to participate in the upside rather than giving it away. I also consider the options attached to the entitlement shares to be the most valuable component of the rights issue as this company’s share price will move well above $0.25. This CR is all about rewarding existing shareholders. I support it 100%.