Ann: FY23 Financial Report and Appendix 4E, page-25

I think you're going to see some M&A action here.

Sure, they have some liabilities, but are still producing 130k ozpa, which will pay for the liabilities, or enable significant write-offs, and not eat too much into their cash holdings.

Those who quote liability figures seem to be precluding production sales.

It may take a year, and some additional management, but it could bounce back.

It would not surprise me if a bid is lobbed for SBM, and as part of the transaction, SBM returns a proportion of current cash to shareholders as a sweetener to accept the bid.

The current share price is silly, and especially when looking at the market cap, but then again, the market is now ruled by A.I. Algorithmic Bots, which makes it more of a casino than ever, and these Bots of course, are run today by the new young stock brokers, most of whom can't read, or write, or spell, or add 2+2. Dumb and Dumber is an understatement. Just look at where Australia rates in the global education space, and that isn't good either.

Gw