Your sums look about right and the proposition is compelling.
BH has a stated ambition to net zero debt, yet he also has tasty drilling opportunities across all mines. Erasing the debt may take a little longer.
Shares would be ~$13.50 at a $6b MC. Higher copper price fundamentals and the global equities rush for copper exposure will lift it there surprisingly quickly.
My av, including the $4.20 RTS issue is 3.75. It would take a ridiculous offer to pry SFR from my grip.
Keep an eye on BH's rumblings about a Cu-Zn concentrator on underused Sotiel. He is also scouring the globe for another copper mine for balance, likely to be expensive.
Meanwhile, the trend is your friend.
Ash
SFR Price at posting:
$8.94 Sentiment: Buy Disclosure: Held
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