Chart, page-395

Best not to worry too much about the reversion in price today. The key things that happened are better understood in conjunction with SL’s presentation in Sydney.

1. Pepper looks like it’ll be higher grade than Never Never
2. There is no reason to believe Pepper won’t extend to similar depths to Never Never. But the immediate goal is to get indicated ounces added at Pepper.
3. SPR are signalling that they think Pepper could connect to the zones immediately beneath Gilbey’s open pit.
4. SL was pretty much saying in Sydney that he anticipates finding lookalikes within the mining lease, and potentially further afield. They have a real handle on how to target new high-grade zones. He couldn’t have said this much more clearly.

There are a lot of additional ounces to be found. If people want to take profits, fair enough. But I added today in the hour before close. I think there’s a lot left in this story.