Macquarie Upgrade to ‘Outperform’ ..., page-5

Hey Spartan, I understand where you are coming from (shocking 2 years or so, but... even a terrible management etc etc. they have been able to produce gold, imagine what the pro's could do?). But... a while back (pre 2005), SAR was a nobody,, yet it bought 2 projects that others did not want, now... they have a $1.6 billion market cap and producing 300k+ p.a. The most recent acquisition was Thudnerbox, for $23m in cash! Insane when I re-read the announcement really. Yet they have turned that into a mine, a real mine, with realistically, 10+ years of mine life. There was no bidding war that I know of, SAR just did their due diligence, set their goals and here we are.

I don't hold BLK and personally, feel there are much better options than BLK, but... BLK is cheap, even if more money needs to be put in. I mean, Thunderbox needed money, but... the numbers stack up. I guess I just think that if SAR can do it twice, they can sure as hell do it a 3rd time. As I say though, there are a few other options out there for the likes of SAR to buy into, or perhaps partner with, but NST is doing a good job of continuing to reduce the amount available, with TAMs Tanami plant gone, WGX plant gone, EAR 20% held (Bronzewig plant) etc....