I strongly doubt SPR will be in the next ASX200 (99.99% certain)...

I strongly doubt SPR will be in the next ASX200 (99.99% certain) update but it may be in the March 2025 update. That would give a bump to the SP leading up to the rebalance even in February. Its current MC is about $1.85b.

The real upside to the SPR SP is exploration - they will increase the resources with the amount of planned exploration drilling but how much and at what grade.

I do not consider the current SP as cheap but more on the high side. GOR is a $2.2b MC a producing 150k Oz -165k Oz pa with an AISC I think $1750+. For SPR to have a MC of $1.85b about 2 years before production with no FS or AISC or production level seems a high price. Yes it may have a higher production and lower AISC but they are currently unknown.

The FS in 6 months is a key driver of SP after mid-2025. In the interim, excluding the POG , the key driver will be exploration success and a possible TO but SPR is not cheap and using the DEG offer as a guide will probably need a bid north of $2.5b more than the RMS MC.

Very pleasantly surprised by the SP action today. No idea how long it will be at these levels.