everyone has forgotten sfr and pfs anyday now., page-7

Well written.

What risk factor one applies to an NPV model can be subjective but I don't see the development risk as being high, on the assumption that management have put the right people in the right places. I don't see SFR having too much trouble in recruiting talented and senior people given the ore body.

On the OZL position and potential for a Board seat, well I see it as a two edged sword.

The OZL acquisition of 19% was to a great extent a hostile move on their part and I can understand the reservations the SFR Board would have in providing them with a Board seat. I can definitely see the advantages for SFR in a production sense but given that the Company is not tightly held, with the exception of Posco, would it be in our/shareholders best interests?

Do you provide a Board seat to a shareholder with a 19% stake that could ultimately invite a takeover offer, premature to further possible exploration success.

I guess we should be a little patient on that front given the level of success SFR has had over the last 2 years.