Interesting, page-32

"ERA independent shareholders ie Zentree etc only own about 10% of Jabiluka but Rio owns 90% of Jabiluka so dump ERA and get RIO."

Doesn't sound quite right Kenso, in the sense you have expressed the see-though interest. ERA owns 100% of Jabiluka and RIO owns ~86? % of ERA, with minorities including Zentree and Packer owning the balance of ~14?%.

Which means, ERA will get 100% of any benefit from Jabiluka and all ERA shareholders share pro-rata in that. You should get a more targeted exposure to Jabiluka if you invest in ERA, rather than RIO because RIOs Jabiluka return will be diluted by its other significant mining and other interests.

Interestingly, despite claims that it is rehabilitating Ranger and that is all/the sole purpose of ERA, RIO has pulled two crushing rights issues on ERA shareholders, and taken up all its entitlement and I believe some shortfall. It is increasing its interest in ERA. RIO and ERA have never said they will exit permanently the uranium mining industry at Jabiluka or Ranger 3 deeps.

Which looks to me that RIO know full well that Ranger 3 Deeps and Jabiluka are highly valuable world class uranium assets, and RIO want to own all of it, and are doing everything legally possible to remove minorities in ERA at the lowest possible price.

Once the uranium price reaches a level where re/opening the Ranger 3 deeps and starting Jabiluka is profitable, it is likely RIO/ERA will flip their reasoning, because then their shareholder interests will be best served by proceeding.

I am not of the view that a deal will not be done with the Mirrar.

It is likely this is why Zentree and Packer remain invested. They have done remarkably well to keep RIO at bay, below the 90% level which would enable RIO to compulsorily acquire the minorities.

RIO on the other hand have behaved miserably toward long standing minorities who have chosen to go on the journey with ERA. ERA Directors, who are incentivised with RIO entitlements, have acted shamefully toward ERA minority shareholders in my view. The Takeover Panel called the issue before last "Unacceptable Conduct" and it was, but as to be expected, the regulatory dog had no bite, and RIO has no conscience.

As a result, I departed the ERA register some time ago for more minority friendly ground - precisely what RIO want, unfortunately - the fight went on too long for me, a small punter. I'm cheering Zentree and Packer from the sidelines.

GLTAMinorities!