Ann: TOV:WGX Panel Receives Application, page-48

Cheers for the kind words Lulu and I definitely don't discount RMS still being keen on Karora, but as I mentioned, I think the MD of WGX has already been able to win over the Karora board, as sometimes it's not always the price being paid that sways holders (Wayne is IMHO able to talk the talk and walk the walk, versus MZ at RMS who is basically a deals man, not a miner, hence he has been able to achieve many good deals, but, I think it's much more hit and miss on the actual results, i.e. Penny and Vivien have been great, Marda, Tampia... less so with grades not meeting expectations).

I do also agree that anything is possible with the T/O panel interrupting things, as really, a substantial premium bid by RMS at WGX shareholders is likely going to temp some... but... I genuinely think the WGX Insto's are not holding for a quick buck (and the Insto's basically hold most of WGX), they bought because of the heavily laden folio of assets it holds, that are finally getting the funding required to make them hum (versus Cookies (old MD) adhoc/roughshod leadership).

It will be interesting to see what the Panel say, as I don't see a huge difference between 1% and 4% (not that I don't think $40m is a lot, it is, but... enough to stop another party....)

As for Karora being a potential target, as above, possible, but... will RMS really try and acquire all the shares on another exchange.... I just don't think it will, as Karora shareholders seem quite loyal, plus they have seen good gains over recent years.

@tangs all good, no need for swords, a worthy response on HC is what I appreciate

RMS management are without doubt more savvy at deals, but... not mining. WGX have over 1000 employees all owner mining their U/G mines. Wayne at WGX has made safe ounces the number 1 focus since he took the roll. I see no benefit to RMS running WGX U/G mines.... All of RMS U/G mines are small compared to Big Bell or BlueBird..... Hence the logic for WGX to run Beta Hunt at Karora.

Here's the nub of it. As @Joelstar points out on other threads, RMS have around 8 quarters of sweet profit coming from Penny, then.... it falls off a cliff.

WGX are as others have touched on, are just coming through their heavy capex period and.... are focus on a 16 year LOM, 8 year LOM and 4 year LOM for its 3 largest mines (let alone its other U/G mines like Starlight and Fender).

WGX will be producing upwards of 300k p.a by 2028.
RMS will be producing upwards of 115k p.a by 2028.

That is a very stark difference.

Sure, right now, RMS are generating huge profits, but... and I will stick to my earlier statement, there cupboard is bare for internal growth. I mean.... RMS bought Penny... it bought MGV, it bought AOP, it bought BRB. (it even bought Edna May, which is certain to go on C&M, it will not see Stage 3 done. They have mined out the U/G and now it's empty, which was part of the MRE, plus recent revisions have seen the open pit ounces fall).
Eridanus open pit does have potential, but it's low grade, which means it will simply extend the mine life of Mt Magnet, not move the dial for profitability as the Mt Magnet plant throughput is a major constraint, and even if upgraded at best would add 30k ounces (extra 700ktpa at 1.2g/t).
WGX has bought..... nothing (though it has tried, GCY - for the plant, MGV for the ounces).

So for me, unless RMS offered a merger of equals I would turn it down, but.. that is because I am in the for the long term.
Sure, it may seem farcical right now, but... in 12 months time WGX will have 2 new U/G mines and another larger U/G mining adds a lot more ounces..... potentially 100k etx. RMS... will be no different.

I must admit, I think Rharts post on the RMS threads also touches on some real concerns about why RMS is doing what its doing.

Looking forward to seeing how it plays out and appreciate the differing opinion.