Ann: Gascoyne Resources Update, page-21

Thanks Hicks, it looks promising now for sure, but until it's re-capped and re-listed and we know the dilution etc, I'll hold off celebrating! As I said, I was happy to take a punt on GCY because NRW was (taking significant equity I mean). If I make money on it, I'll be buying more NRW shares, that's for sure.

From NRW's point of view, GCY needs to raise $80m for a company that was trading at $40m before Administration but that is probably actually worth 10 times that now (after the CR). That valuation is another whole story that should be debated on the GCY thread and not here probably!

Like most shareholders who can I'm very happy to take up the entitlement rights, but NRW will want to move out of the position quickly enough I'd say. They're taking as much cash as they can get up front and then will sell down in short order I'd say.

This is all small but material for NRW - keeping the current $90m p.a. contract, being involved in a potential new Glenburgh project and a short term cash win. Also the strategic benefits (as others have said here) of how NRW looks to future gold miners looking for a partner.