@DANNY2503 I think we will never know because SPR put off...

@DANNY2503 I think we will never know because SPR put off producing a dfs/pfs/miniing study, and they apparently never moved on the long lead time items they cap raised for in December. One way or another they have managed as if RMS was driving, with ore going to Mt. Magnet.

I would have liked to compare the proposal with a stand alone RMS case (which RMS produced) and an SPR stand alone case, which SPR promised, raised capital for, but never produced. The independent expert will not be able to properly evaluate the proposal because an evaluation requires a "compared to what" consideration.

My suspicion is RMS strung SPR along until SPR's lack of planning for a go-it-alone option left them exposed. The "close to the mill quick restart" rhetoric failed to deliver. From that position the timing on RMS's part was neat .... "here's our 17 year go it alone plan SPR ... where's yours?" SPR go it alone plans turned out to be vapourware and at that point they had to agree to a "low premium" deal because they had failed to keep the alternative alive.

It seems to be the real substance of the deal is RMS gets the Dalgaranga ore and all the upside. It is not clear the Dalgaranga mill is prominent in their plans, and it is not clear they want any of the SPR staff. SL will be a deputy assistant vice chairperson or something, but no one was saying "RMS really needs a deputy board chair". He has made a fortune and it might be all he wants is token position ... who knows? I wouldn't bet on the SPR staff whose professional profiles on Linkedin are full of MAGA type politics will be picked up by RMS ... RMS strikes me as more about keeping professional profiles professional. I couldn't tell you what the politics of any RMS staff are, which is maybe how it should be.

(I am up nearly 1000% in SPR, and while I didn't bet the farm I bought enough to make a difference if I was right. So I am happy with how effectively SPR marketed their fortunate discovery)

I thought the best bet bet for SPR holders was to vote "no" to the scheme, and then see if the TO offer which followed could be increased. However, I don't have confidence in SPR management doing anything to make the deal look bad, I no longer trust them to go it alone, and if nothing else the deal showed RMS are way better corporate players than SPR. I am leaning more towards the get on with it option.

As for the "exploration DNA" stuff ... I wouldn't bet on RMS doing anything other than making its own exploration decisions using its own team. Deputy Chairs don't have operation roles ... that is governance, not management. I think the dual DNA stuff is all just rhetoric to keep staff and investors in the cheap seats happy with SL's exit plan.

All imho of course.

(not held but I expect I will hold)