Ann: Ceasing to be a substantial holder, page-12

SBM is a gold producer, has two mines, they cost 100's of millions to buy, setup and run. We have two of these producing assets (ok the operations don't turn a profit) and just that is worth heaps and backing it up is more cash on the balance sheet than the market cap price, you buy SBM, you get more cash than you buy in shares and you also get two gold mines, with all the inflation and crazy stuff happening, sbm must be a buy at least in my opinion, you could do a lot worse, yes past performance is bad but it's the same thing they say on the other side of the coin.