financial terms to ld, page-16

Very good deal IMHO.

After conversion of options, cost to the company equivalent to about $3.5M at time deal was struck. That is very reasonable to align NT interests with RWDs and get everyone pushing in the same direction. When one considers the Capex is about $100M and EBIT may ne around $100M pa on starter 200,000t throughput $3.5M is nothing. If the approvals do not go through NT holders get nothing.

Royalty keeps NT holders interest aligned throughout project life and I understand this is also a very reasonable and small percentage, significantly less than the State Gov roylaty.

Some other notional cash payments as approvals and targets are met during the project development phase is also a smart and cheap way to keep NT holders focussed and motivated on meeting deadlines.

I am sure the Tribuneral would have given RWD access for less but at the expense of protracted appeals and bad blood throughout the whole journey. That they get a slice of the action is only fair given their history and current situation and LD is robust enough to bring them along for the ride.

I wonder how many years and what sort of deal MAK will get from the Central Land Council in the NT? I would wager now a lot longer and at a heavier price than RWD.

Now we wait for the deal to be finalised and the insto's to get on board. My guess is still that the insto's will be caught between wanting to wait for final ML sign off and complete safety before entry verses missing the boat over the next month or so.

Goodluck