controlling stake, page-12

I second Lordy's view.
It looks to me that the KAH merger was a condition from RIO to buy into EXT since it removes the 40% stake in EXT KAH was holding and dilutes Niger's stake.

So the have now a combined stake of roughly 16 % in the merged company. We need to see the KAH substantial holder notice still to prove this correct.

In addition is don't believe in a T/O. I strongly believe in a JV for Rössing south.

It would be a win-win. EXT does focus on drilling RS like hell, come up with a BFS (not sure if RIO needs this since they are the Rössing experts by definition), and then can do a very very quick production ramp up with existing RIO infra. In addition to that RIO will give money into the JV. So the JV can be a 60:40 thing. Remember that RIO even owns Rössing not to 100%.

Second scenario is that RIO buys RS, does all the work by themselve and EXT does focus on Ida. But the 1st one makes more sense.

Last, the .99 which made us all upset is a theoretical s/p, what is really important in the merger is that we get instant AIM listing, removing the 40 % blocking stake and diluting the KAH holders. And yes drill rigs and who knows base metals projects may be worhtwile and for sure cash is always welcome all for some minimal dilution.

To sum this up.. to see all the years were worth it and seeing the best case scenario is unfolding right now I must admit that I'm




Enjoy,
Pisa_