Media, page-469

A comparison of the best gold discoveries of the last 24 years in WA against SPR - looks at GOR, Tropicana, BGL, Penny West and DEG. I will not bet against it ending up being the best after the next 2 years of drilling while SL keeps stating we have only just started or just scratched the surface. Of these Penny West is too small, BGL is too costly while DEG, as the article notes, has significant execution risk. SPR already compares quite favourably against these discoveries but not yet as good as GOR or Tropicana and the IMO the jury is still out on how good DEG will be even though it is a lot bigger than SPR. One thing is clear SPR DO NOT need a JV partner to develop Dalangara which sets it apart from IGO and GOR. In my view the execution risk around DEG is very significant.

SPR stands out due to its very high grade, large resources which have the potential to more than double and low execution risk and small amount of funding to get into production. I won’t be surprised to see the resource end up with more than 4m Oz in a year’s time but that’s just speculation on my part.