Ann: PEX: ST BARBARA TAKES 9.5% STAKE IN PEEL, page-6

It is a sign of the tremendous cash flow generation from Gwalia that picking up a 10% interest in an explorer (with nearby assets) would not be noticed on the quarterly balance sheet by most holders if it had not been announced here. Some quarterlies the movement in working capital has been less than this purchases, how many reconcile the balance sheet to that level when looking at the cash flow?

I read up about Peel, they have joint venture partners and the hope there is that this will generate a bidding war if there is further action from SBM. I hope past experience will put a cap on any reckless action and am confident it will not come to any foolish bidding. With the Gwalia extension we are in no rush to fill the mill so for a few years. For now it gives us a foot in the door at little risk, possibly even future board input.

DYOR