Ann: RIU Resources Roadshow - Sydney, Melbourne, page-25

Hi whatem.

It's a positive development.

Galane intend to put the project back into production so there's now a real demand for source material.

It could take about six months for Andy Well to be up and running; it requires approvals, initial payments, fund-raising, recommencement of underground development, etc. So there's a time issue. That said, Galane are currently working through JV agreements for their intended (underground) supply and may see THX's shallow mineralisation as an attractive path.

Another issue is that although Galane acquired Andy Well for AUD10m - they are not flush with cash, they run on net revenue of several million a quarter. So they are less likely to pay THX a large upfront fee, but would be even more interested in any pathway to quickly increasing revenue.

In short - very interesting - Galane might do a deal, but it would be a very lean time for both Galane and THX over the next six to twelve months as things got up to speed.