Just rereading the OZL 2Q report - as you do. OZL will...

Just rereading the OZL 2Q report - as you do.

OZL will consoliate AVB financials in the half year accounts due ~24 August. The balance sheet will look quite different, with considerably lower cash and fat new intangibles. AVB brings very modest tangible assets to OZL.

OZL's priorities and the works program for Brazil will be later - we cannot expect immediate concrete decisions, though I hope OZL provides insights into raising Antas production and accelerated drilling plans in the HY.

A 'Capital Management Strategy update' is coming in 3Q. This can only mean a buyback. Buying back roughly the value of the shares issued to AVB. holders is a tempting optic. I would rather see a modest dividend raise and OZL hold that ~$200m for the opportunities and invariable tough times that lie in the future.

Agree with Stephane Andre that the market attributes nil value in the OZL share price to W Musgrave and AVB.

Ash