Ann: December 2020 Half Year Financial Results Presentation, page-31

The future of the company is Botswana and the Kalahari copper belt - they’ve been quite busy hoovering up land post MOD acquisition from the likes of KMT and private operators. There’s very few players you can buy on the cheap that dominate a land package as good as SFR’s Botswana tenements.

When I say on the cheap - if you take the current cash and liquid holdings (ADT etc) and the cash flow Degrussa will spin in the next ~18 months it underpins at least $5/share and so ur buying the rest for sub A$100m, bargain.

I figure there’s close to 400koz of gold in the tailings at Degrussa, no reason you can’t get a decent 60kozpa operation getting A$1000/oz margins here. Black Butte economics look poor as you really only had a tick over 300kt of Cu trying to repay capex of >US$200m. The upside here is adding tonnes as it will be at minimal additional capex, exploration to start soon. BB will also look a lot different at $4/lb Cu.

Plenty to like here organically. What id hate to see is KS “growing a pair” and paying way overs for something like golden grove, but he’s been patient enough already.