I know a lot of people have been talking 'acquisition' possibly...

I know a lot of people have been talking 'acquisition' possibly out of fear of a perceived short LOM. However, we have a huge amount of territory, a lot of it under explored. I prefer the stated strategy of expanding our own exploration. A drill platform deep down at Hera has been developed, Federation is described as the best exploration in the region for 40 years. We haven't even started at Kairos yet, and I'm interested in just how deep it goes, knowing we have several intervals in excess of 100g/t Au. The decline at Great Cobar is around 2k in length (going down, from memory, to a depth of around 1.3K) so there's a lot of work to go there, remembering there are areas of 6% Cu and 5g/t Au. In itself Great Cobar is certainly under explored so the work there is considerable.
Just a little history here too, to show where we've come from. In 2018 we had 100 million of debt, admittedly after buying Peak. We paid out Glencore and Investec, and then had no debt, with Peak all paid for. In 2019 we built to over 100 million in cash. Since then we've spent $53 million on the mill at Peak for modernisation, resulting in around 33% increase in throughput and separate Pb/Zn circuits. 17 million for a 2cps dividend, and become water self-dependent if need be, and we've rebuilt to today's 100 million in cash ($86 million cash and Au inventory at end FY2020). Importantly, we've increased exploration expenditure that so far has resulted in high grade substantial finds at especially at Kairos, Federation and Peak North, but really at all sites.
Here's the best results from this spending:
Hera Feb 2019 17m @ 5.3g/t Au and 4.5% Pb/Zn + 19g/t Ag
Feb 2019 18.5m @ 8g/t Au and 3.7% Pb/Zn + 27g/t Ag
Federation
Aug 2020 20.5m @ 17.4g/t Au and 44.4% Pb/Zn + 1.3% Cu
Aug 2020 21.6m @ 31.9g/t Au and 44.8% Pb/Zn + 1.6% Cu
Chronos
May 2019 12m @ 7.9g/t Au + extras
Peak Deeps
Feb 2019 16m @ 71.6 g/t Au (incl. 8m @ 142g/t) and 8.5% Pb/Zn
14m @ 42.9 g/t Au and 13.4% Pb/Zn
Apr 2019 39m @ 6.9g/t Au and 20.3% Pb/Zn
Peak North
Feb 2020 9m @ 17g/t Au and 5m @ 28.4g/t

You can't argue with the exploration funding or the knowledge the company has developed to almost guarantee exploration success. The progress made in two years is substantial so in my view, the story continues to build. Focusing on developing what we currently have, is not a problem for me.