Ann: Kaiser Resource Estimate of 4.7M Gold Equivalent Ounces, page-31

This mad rush for Aussie miners to diversify into both new mines and new jurisdictions has seen them make many errors. Also I can’t see ALK having the bandwidth and cash/debt serviceability to acquire a new mine without compromising the existing operations and the development of Boda. They simply don’t have the people onboard to do it. Sure, they can acquire the whole of another miner and take their teams in house but there’s always a risk of key personnel leaving and the acquirer failing to integrate the two businesses. It rarely works out well for SH and seems in many ways to be a vanity project.

I personally want them to focus on 1) Tomingley and ensuring the 10yr plan is clearly set; and 2) developing Boda. Anything outside of that right now is a risk we don’t need.

One could easily argue that Boda is ascribed very little value in the overall ALK valuation. The incremental effort and cost to pump that valuation would surely be lower and less risky than looking abroad.

If they launch a TO - I’m out. If they acquire a new mine - it’ll need to be insanely value accretive or I’m out.