Ann: SECOND RC RIG UNDERWAY AT TABBA TABBA, page-71

This is the way I see it, and just my opinion.

PLS did a fantastic job of blowing up the Tabba tantalum deal with GAM back in 2016 which resulted in screwing GAM out of the arrangement resulting in the Tabba asset sitting dormant until now.

Then PLS went on to acquire Pilgangoora from GAM for a pittance of its potential value, and develop it into the multi-billion dollar asset that we know it is today (note my post earlier re $2.4B net profit for 2023).

GAM also made the mistake of selling Wodgina for a pitance and watching it develop into a similar cash cow. Surely GAM and RCF learnt their lesson from these mistakes and have done everything they can to protect their interests in Tabba. If I was on their boards, I would have discounted any offer from PLS just on principal (and inherent risk) alone.

PLS may have deep pockets but that just means stronger influence and dilution for GAM, which in this case was seemingly unnecessary as little old WC8 have done a brilliant job of developing it and raising necessary funds thus far.

Our board have openly acknowledged they were competing against multiple bids including majors for Tabba. I'd have to find the quote.And as result, PLS or FMG will be paying retail (or a premium) for any interest in Tabba like the rest of us.

Also into this up to my nuts and loving the ride so far