Ann: Exploration Strategy Increase Our Reserves Presentation, page-8

Just borrowing this chart on Iberian Pyrite Belt resources from ambitious explorer Pan Global Resources. We wish them luck at their endeavours.



https://cdn.prod.website-files.com/63e904921eb4adc55bebeffb/67634489030930f2fbeb3904_2024-12_Pan%20Global%20Resources%20Investor%20Presentation_FINAL.pdf

I can't tell whether this is a comprehensive survey of the belt, yet it does show the relative standing of SFR's three mines.

This then begs the question: is there a consolidation opportunity here for SFR?

Lundin Mining has just sold (9 Dec 2024) Neves Corvo and Zincgruvan (Sweden) to Boliden AB for $US1.3b plus a $US150m price-share to 2027.

https://lundinmining.com/news/lundin-mining-announces-sale-of-neves-corvo-and-zi-123176/

This will have been offered to SFR. BH & team will have thought long and hard about buying and let it pass, likely on price. Just on Pan Global's ranking above, Neves Corvo would have made a substantial addition to SFR's Spanish operations.

BH was engaged to do more than simply run SFR - though he does this very well. The corporate ambition is to grow production and the business. The intense competition for quality Cu assets makes this task a major challenge.

Ash