Ann: Quarterly Report Q2 FY23, page-58

Nope but you back those with great track record of delivering. Ragh has made me a lot of money with SAR. In fact those assets still do today under NST and STs stewardship. Ragh has almost doubled my investments when he moved to GMD. That is where most of my investments in Hoover House is going to come from.

I own a lot of gold miners in the portfolio for a long time now. SBM in itself is not investment grade due to Gwalia and the M&A talent was not there when needed. While EVNs JK, NSTs BB, and SARs RF were acquiring gold mines in a fire sale during the gold price nadir of 2015. The SBM BOD sat on its hands and only started buying when the first inkling of mine constraints were felt in Gwalia post 2018. In fact I free carried my SBM holdings early 2019 and put more capital on on my Cu/IO miners OZL, FMG and BHP instead. The portfolio was overweight gold miners already in the form of NST, SAR and EVN.

Look Gwalia only has 1 solution at this point if you understand it's issues. It is mine constrained but not plant constrained. Nearby Genesis’ ore supplies will fix the Gwalia mine constraints moving forward. While Zoroastrian and other projects provides growth longer term. It's good to note that Genesis is plant constrained but not mine constrained. So this Hoover House is a perfect marriage of synergies fixing both companies issues. It's the same playbook that NST has successfully executed in its Yandal region which Ragh help implement in his brief time in NST post SAR merger.

It's good to note that old SBM shareholders like me will own Phoenician directly once this marriage is consummated, there's absolutely nothing wrong with the Phoenician assets. Worth holding onto SBM for Phoenician specially if you are free carried like I'm I may even buy a top up here if it gets cheap in my NAV.