Wow. A very aggressive $62m spend on exploration in FY25, this...

Wow. A very aggressive $62m spend on exploration in FY25, this financial year. We are nearly half way through the FY.

Now the debt level is much reduced with stronger cash flows on better prices and higher production, SFR can drill from FCF.

BH & team want 15 years+ reserves everywhere. While exploration disappointments are inevitable, equally, there will be successes.

Note the program at Magdalena. This mine is only producing 100,000t of ore a year, despite being a substantial body. Yes, it is mainly Zn with significant Cu. Perhaps they are waiting for incentive pricing on Zn before committing to a Magdalana concentrator.

Ash