Ann: Quarterly Activities and Cashflow Report, page-2

"Potential Acquisitions
In addition to the Hill End gold project, a search for additional, value creating, projects
commenced during the quarter. A review of a number of projects that are within the
criteria sought by Pure Alumina is currently underway. The focus is on projects that meet
the following:
• High priority exploration potential
• Known gold producing regions
• Good access to infrastructure
We have short listed several projects so far and are working through the structure and
potential terms of a transaction with the respective vendors."

imo What they should be doing is promoting the previous economics of Hill end, to achieve fair value in the market place, otherwise the market fear or Manipulation by the vendor to the lowest price possible.

550koz at 3.4 g/t - with compelling economics from the 2014 PFS.
Why are we even considering getting bent over by another vendor, and potential manipulation of the sp lower to suit.

Net profit of 40m when gold was at $A1600, then at A$2300 imo its more like over the 100m net profit MAYBE. And needs official clarity. Not just speculation. Especially when the capex is a tiny 15m to get that. And extensions with other satellite deposits will extend.

Any acquisition ought to be put off, as a secondary objective, only when fair value is attributed to the existing Hill end prospect.

This does stink of manipulation, would seem that the sp is at the mercy of the to be vendor.

The only reason to consider a diversification at these prices, is if the hill end gold, has fatal flaws that we are not being told about. (or otherwise to benefit some vendor, without regard to protecting the script dilution consequences)

Perhaps they think that a shiny new carrot, is an easier path to raising capital, than protecting their existing prospects and investors.