Ann: SLR: Silver Lake Revises Proposal to Acquire Leonora Assets, page-5

Nobody doubts SBM and Leonora have more synergies. Just that GMD is harvesting almost all of those. What does GMD currently bring to the table?

- An 80% controlling interest in DCN which has a mill in care and maintenance and some questionable resources that have never generated sustained cash.

- A yet to be completed underground mine at Ulyssis which has NO RESERVES and materially lower grade than Gwalia.

- An MD with a good reputation but who hasn't operated any assets since the COVID induced explosion in costs across the industry.

That's pretty much it.

Re Luke Tonkin bloke has consistently run Mt Monger profitably, added value with the Deflector acquisition and turned its performance around.

His team has a lot of experience mining older established high grade assets. Would say Gwalia certainly falls in that camp.