northparkes sale, page-13

The 820M North Parks fetched demonstrates that OZL (Market Cap of 1.2B) is significantly undervalued considering:
• PH will produce +100ktpa for the next 5 years plus say +50Ktpa for 10 to 20 years once the pit is depleted.
• They have 650M in cash
• Big C would be regarded as the premier undeveloped copper project in Australia
• They own 20% of SFR

HT, if you look back at M&A before the mining boom there are plenty of examples of value adding M&A. BHP purchase of Olympic Dam would be one example.

I would not be unhappy if OZL sat on the cash for another year until we have more clarity RE Big C and future UG opportunities at PH. However, I do agree that RXM looks to be an attractive option. Perhaps they are waiting for RXM to get their approvals in place and finish the PFS before taking on the risk….probably not a bad idea.