mine gate sales unlikely at any stage, page-19

Westcott,

I believe we can get $1.50 + for a takeover. So it's crazy to sell at this level. And yes I believe WR will sell the company at a fraction of its potential. Several months ago $10+ was a realistic target with Stage 1 cashflow funding Stage 2. Now Marillana has no hope of getting to Stage 2 with BRM. Someone else will take it there. My investment mindset is optimisiing the salvage value that is achievable from BRM, so I'm not selling yet.