Ann: Mt Magnet Mine Plan presentation, page-161

What valuation for SPR are you assuming?. Based on your 1:1 proposition?, A$1,090/Resource ounce results by my calcs - this seems very high even if you allow for the 2.5 Mtpa Dalgaranga Gold Project CIL (n.2018) valuation max of the replacement cost of A$125-130m. Note: RMS only paid: (i) A$587/Resource Oz in Feb 2020 for 307 Koz of 17g/t ore ex Spectrum; & (ii) A$204/Roz for MGV's 327 Koz @2.3 g/t for Cue/MtM in 2023). Does one need to spend A$100m on Checkers...... Suggest RMS start buying back your stock, and then take SPR for 1.5 for every one RMS share. Shorts will get quickly spooked with a regular on-market buy-back. Meanwhile, holders can begin by reinvesting their 3c dividend paid on 17th April.