Ann: Quarterly Royalty Revenue Update, page-10

Sorry, Awcn, Cummins is not suggesting M&A around DRR.

ILU still holds 20% of DRR to prevent exactly that while DRR gets up onto its own two feet. Later, when ILU is ready to exit, DRR will have options: buy the stake itself and cancel the shares, offer to existing holders or enlarge the free float.

Cummins is admiring the demerger and predicting considerably higher profits ahead for DRR - as I do.

I am concerned on one issue, expressed above: "Julian Andrews has stock and cash to buy royalties and creatively finance mines, so far no dice. Holders will be hoping this is because he is brewing up a stonker."

Ash