John,
A lot of water to flow under the bridge on this one yet, but you are making some interesting assumptions.
How about these few points. SFR's deposits are contained in 1.5kms of length. Thaduna is longer than this. So it might be small, but it is big enough to be substancial.
You also say it will not be commercial, yet they were commercial pits 40 years ago when copper was a fraction of the price. Commercial is not always about size, but grade as well. Look at AVB, DSO copper ore..... it does happen.
Either way, at these levels happy to be a holder, and looking forward to seeing the market reaction on 5%+ copper hits.
$4m ev ($10m cap $6m cash) 5% copper near sfr, page-15
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