RUNNING DISCUSSION, page-28

Interesting question, to answer it fully requires some in-depth analysis of the ore bodies and mine plans, and of course time will tell. The Roe-Rebecca PFS when released will go a long way to answering, but then they have to build the mine and successfully ramp it up to really prove how good it is. Anyway, my feeling is that a couple of new large un mined resources that neejd capital is much better than a tired old mine with exhausted resources that needs capital.

SLRs failed bid for Leonora and now C&M at Sugar zone really shines a spotlight on the short reserves and no real solution in sight, their strategy is a mess, poorly executed.

In stark contrast RMS has successfully completed x3 acquisitions in recent years (Penny, Roe, Rebecca) and a 4th going well atm. MGV really sets up Mount Magnet for the longer term so the high grade sugar hit will last a long time beyond Penny. They need to deliver on the 3rd hub acquisition to replace EM, which rightly should go on C&M after many years of profitable operation. From their track record RMS will do this successfully. RMS has more competent management.