Ann: Gascoyne and Firefly Agree to Merger, page-10

I agree, disappointing that 1/3 of the company had to be given away to secure the deal however, the recent GCY announcements on AISC and tactical production challenges probably sealed the fate of a better deal.

Whether this is a good deal or a truely bad deal will depend on what happens with exploration results on both FFR and GCY leases from here. So who knows.

For anyone who didn't hear the presentation just now, fwiw:

- This style of consolidation was always the GCY strategy (so it was always when not if - @speculator101 has basically been saying this I think)


Plans:
- Should be able to book reserves at Yalgoo quickly due to level of resource that is indicated/high confidence
- Are already effectively progressing prerequisites for mining Melville (roads exist 110Km, Mining Applications being prepared, Native Title situation favourable, Accomodation easy enough with Yalgoo township and a mining camp available).
- expect $3m - $5m Capex to get Melville producing
- expect mining to start by FY2023Q1
- expect good recovery from Dalgaranga Plant, after some inital analysis testing of Melville Ore of > 90% but still ongoing

RH very enthusiastic, which you'd expect of course.

I've been very optimistic about GCY up to now, this reduces the risk IMO and the upside too and patience required to see if the deal gets done and then how all these pending assays look from both teams.

I'll stay as no sentiment for now and let the dust settle but I'll keep my GCY holding.

Thanks for all the comments on both sides.

GLAH,
pb