Ann: December 2021 Half Year Results Presentation, page-30

Why are you complaining about the dividend being reduced? It makes no sense paying a dividend when you have a big debt balance (post MATSA acquisition).

MATSA is an absolute cash cow. Even with C1 costs at $0.94/lb, let's not forget the copper price is ~$4.30-4.40/lb. A 78% operating cashflow margin is incredible (which is probably something like a ~67% margin using ASIC pricing).

There is opportunity to improve the costs too. Energy prices are inflated (I doubt it will be a long-term inflated energy cost though), and SFR are looking to install solar cells at MATSA to address this.

Further, SFR need to undertake a proper life-of-mine plan for MATSA. The previous owners of MATSA were a commodities trading house and a private equity firm. I have no doubt SFR's mining acumen will realise in operational and cost efficiencies going forwards.

Was happy to buy more today.