Ann: Memorandum of Agreement and MMPRC Dividend Payment, page-7

(all US$) The $108million preference dividend is likely a sham as MMPRC doesn't have $108million. It does have $4million+ to pay KDTL's (X64) amount owning to PMC, from the MMPRC dividend. In addition, MMPRC will pay $10.5million to X64 - and then PMC will pay $4.662m to X64. The $4m or so is just a money-go-round.

The additional tranches of $743k a month (x168 months) don't start for just over a year, if they ever start at all. So X64 should have over $10million & up to $14million.

The problem for shareholders: Everything must be agreed and X64 OUT OF ADMINISTRATION (DOCA effectuated) by 28 February or it will become and unlisted public company, unless ASX is generous & allows a further stay of execution. Unlikely. My view is that (1) the company won't make the deadline (2) it won't get the US$125million back (3) someone will look to buy your delisted shares for a tiny amount to facilitate a smaller than $125m payment by PMC & get exposure to the 40% of the mine. Might be a PHP party friendly to connected people. Don't be surprised if one or more former Directors make a re-appearance. So I believe you will get an offer for your shares in 2025 which would be generously described as "totally insulting"