I share holders' desire for more information on Hermosa,...

I share holders' desire for more information on Hermosa, Arizona.

S32 spent a lot of money buying this - good move IMHO - yet appear to be spending a mere $17m this year on more drilling as the deposit remains open in a number of directions. Is this pace of drilling sufficient? How may we be confident this valuable property is being speedily, skilfully built into a world-class mine?

I would like to see a project program with approximate timelines so the value is more transparent. Realistically, it is ~five years from production.

Consider the future state: Cannington, Hermosa and Trilogy's Arctic (likely!) all producing.

I have suggested adding on Nyrstar for a few more mines and the downstream refining. Base metals lack glamour yet operating a collection like this would be very, very profitable. S32 has already made the first bold steps toward becoming a Zn-Pb-Ag powerhouse.

Ash