Ann: Simberi Q4 Oxide Operations Update and FY24 Guidance Change, page-36

Yet again SBM prove that they are poor managers and hence to be avoided. I learned that the hard way last year and sold out at a loss with the GMD purchase of the AU mines. With a negative EV resulting from their large cash on hand following settlement on that, it was tempting to buy in again, but I resisted because of their proven mis-management. This has again been reinforced.
The only way to make money from SBM is with short term trades and no doubt there are quite a few folks who have done well with that over the past few months. But that does not make SBM a good investment.
Congratulations to all who have played SBM for what they are - f'wits but also commiserations to those innocents who have been sucked in by the negative EV.