Ann: Exceptional new thick, high-grade intercepts, page-78

The image below could be the reason for the volume in the last 2 days and SP spike with SL presenting to instos in Europe. We have only had 2% of shares traded in the last 2 days not really that significant and volumes like this are not uncommon for SPR.

It could also be the fact that Pepper significantly improves the financials now that SPR it looks like being a major contribution to resources. More than likely we are now looking at a minimum annual production of 200k Oz for 10 years and if they find another mother load below WW, etc then maybe 300k Oz annual production.

The financials of SPR are improving significantly. For example if SPR has the same margins as BGL for 200k Oz pa (it may even be better) it would produce about $400m in EBIT (source is Matty on MoM) for 10 years which at a discount rate of 8% (I have not seen recent miners use a higher rate but others have lower rates eg DEG used 5% which is way too low), at current POG gives an NAV of about $2.75b so say $2.5b to $3b - a SP of about $2.5 to $3 - which is 3-3.5 times current SP. If they ended up with 300k OZ ap then $4b is about the NAV of $4. Matty's $400m is also what I expect from BGL.

The other way to look at it for a $400m EBIT or $280m after tax on a MC of $2.75 is about a PE of 10 which is a very undemanding PE.

Maybe, many investors ie instos realise how cheap SPR really is - the above SP may not be reached for 2 years.