Ann: December 2024 Half Year Financial Results Presentation, page-8

There is nothing wrong here, just continued progress and solid, efficient operation. Maybe someone hoped for a pleasant surprise, a cherry on top.

The new debt facility will lower the cost of borrowing and the stand-by flexibility.

BH & team are ambitious way beyond operating and developing existing assets.

A new Cu Zn concentrator at Magdalena?

Pick up adjoining tenements in an orderly way as they become available.

Black Butte is still in resource definition drilling, though it will be developed promptly when fully understood.

With debt nearing net zero, M&A is possible, though difficult and expensive. It's two quality operations set a high bar for any acquisition.

The main share price variable ahead is the price of copper.

Ash