Ann: Investor Presentation, page-4

That's the clearest restatement of their three hub strategy from late 2020 that I can recall seeing in quite a while. It seems they are not presenting at any conference so I can only conclude that they have released this presentation as they want to talk in some detail to another party without breaching disclosure rules. No deal yet but finally there is movement. So what can I distill from the presentation:

• Acquiring the third hub is now explicitly a strategic priority (and listed second of five). An increased emphasis on the third hub.
• Their explicit values are all about empowerment, delivery and authenticity, with delivery of superior returns to stakeholders (not just shareholders) .- I reckon they are talking to institutions with that spiel.
• Despite the bumpy road of late they are all about maintaining margins .- again, institutions
• The third hub to be a tier 1 jurisdiction, preferably Australia - so cross St Barbara out of the running.
• Already producing or a clear pathway to production - so not Rox
• At or above 100kozpa production with 10 year mine plan - so not Gascoyne on its own but maybe combined with Musgrave (?)
• Competitive cost profile - I suspect that disqualifies heaps of WA miners.
• It could have been Rebecca but 3 years is too long a wait so it is out of contention .- as is Musgrave on its own and Breaker
• Already bulking up on geos and engineers in anticipation of an acquisition - so it is sooner rather than later - just as they are not going to let this presentation become outdated they are not going to have excess professional staff idling around.

• Well placed to execute on transactions, utilising reliable due diligence methodology - no mucking around, with strong values and methods.

So it turns out I cannot distill much at all: I cannot think of a single Australian miner that fits that profile. Perhaps a combination of two entities or maybe a part being cut away from a larger player. No idea really. But I do reckon they have identified a target and are setting the wheels in motion.