Ann: December 2019 Half Year Report and ASX Appendix 4D, page-4

Not a great report but this was to be expected from anyone that has followed SBM over the past year.

The good news is that we're still undervalued relative to our most of our peers and I think we all know that production ozs and profit will be much higher next qtr and next half.

Below is the peer comparison table. I only used the H1 data for this and I removed RSG and RMS as their data is not yet ready. Using H1 data only means the EV/NPAT and EV/EBITDA value are not accurate on an absolute, annual basis but they are still useful on a relative basis.

Not a complete picture but its something. I think we've formed a base now and with some positive news on Simberi, ventilation, Moose River etc I think we're going for a run.

PS no wonder EVN ran so hard!