Ann: 2023 Annual General Meeting Chair's and CEO's Addresses, page-4

Did y'all notice BH's comments at the AGM:

“Our newest mine, Motheo is going from strength to strength. Having proven the processing plant’s initial design capacity of 3.2Mtpa in its first full quarter of operation, we can confirm that Motheo has been regularly operating in excess of this rate through the month of October. With the successful installation and recent commissioning of additional filtration capacity, we have also started to draw down unfiltered concentrate stock.”

“The rapid and low cost expansion project designed to take Motheo’s processing capacity to 5.2Mtpa is also on track with wet commissioning of the new ball mill scheduled to commence in December. We plan to ramp-up production to this expanded rate through the March quarter and the A4 deposit remains on track to contribute higher grade ore from the September quarter. Motheo is well placed to be a low cost, highly cash generative operation for our shareholders for many years to come.”

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Making 4 months continuous production at nameplate. The next Quarterly (4 months already announced) will give 6 months at nameplate, plus adding the new ball milll etc lifts capacity to 5.4mtpa sometime in the March Q.

The SFR share price has range-traded toward a vanishing point for 12 months. At some point the uncertainty discount around Motheo production will be superseded by actual performance.

After the next Q in late January? After the 1H a few weeks later?

Commentators may gesture toward PoC. You can do that.

I prefer the views of Cu veteran Andy Home in Launceston:

https://www.reuters.com/markets/asia/chinas-rising-copper-imports-belie-manufacturing-gloom-2023-11-28/

Ash