I wouldn’t read too much into Mitsubishi - it is just their...

I wouldn’t read too much into Mitsubishi - it is just their trading arm and my guess is they’re taking advantage of the arb of holding MOD over SFR - they’ve been shown to be happy long term backers of SFR. Black rock is black rock and probably just picking up a quick buck in the m&a.

The most concerning thing is just how much the news flow has died off. A quarterly update showing a couple of decent hits at the T3 UG (around 2% CuEq over decent widths), nothing of note at T23 and an indication of a mining licence toward the end of Q3. Nothing on the resource upgrade, nothing on future drilling plans and very little info on prospectivity of T23 drill program. Ie they’re doing as much as they can to keep a lid on things so the deal goes through and there is no counter offer. I may be cynical but with mgmt getting full time WA employment out of SFR along with their performance rights and a lot of their options exercising I struggle to think how they could get a better deal.