Ann: Update from Receivers and Managers, page-125

DR has got six months to find interested parties to recapitalise and propose a DOCA to the creditors, which would yield a better than a sale.

Given the mine is in care and maintainance, I don't expect offers to be greater than $20M and I expect we received opportunistic bids of that magnitude over the past four weeks. These would have been unacceptable to the creditors and therefore supported the six-month extension.

I see a best-case scenario where we have 3-4bn shares in issue with hedge and debt repaid (assuming DR can find investors). The mine can be profitable without those impediments.

Something similar occured to Gascoyne Resources. Link to the creditors report: https://www.fticonsulting.com/-/media/files/apac-files/creditors-portal/cip-public/gascoyne-resources-ltd-and-subsidiaries/gascoyne-resources---administrators-s75-225-report-to-creditors--18-june-2020.pdf