Ann: Chairman's Address AGM 2023, page-19

The fact that BHP walked away from the Oz deal is no fault of Havillah's. And there was good work done that they will extract some value from.

The issue here is that they have been brilliant at finding things and totally shit house at monetising them. This is why the sale price was never properly reflected in the share price (or the value of any of their other assets for that matter). Nobody believes they can execute without f*ing up.

If they do received $200m, which I assure you they won't, what will they do with the money? Distribute back $100m to long suffering shareholders and use the rest to progress a project would be good. But no, you will get nothing, the share price will be a discount (massive) to cash and they''ll blindly chew their way through the cash over a few years.

Having said that I reckon it's probably a buy at these prices but just pointing out the very clear reasons why this thing is perpetually upside down.