Ann: Genesis merger, Leonora production and guidance update, page-78

Sbm left with some cash after paying the bankers back

Sbm then left with png and Canadian assets and some equities

that cash will then be spent further developing those assets - or selling those assets and buying new ones perhaps with grand plans

Sbm is left with a percentage of the aquirer which will be like the other equities it holds

Sbm -( refer to previous announcements ) needs to spent a lot of money to maintain or develop what’s left-( that’s why it got clipped below one dollar) it has a clear track record of fails- gwalia developed , redeveloped and has not reached the forecast production and profits despite seeking more capital or coming up with building brilliance and going way over expected time

if they sell the assets then there will be more write downs as they dont produce much profit
( something very off with that transaction imo )

so if they seek and then go off and buy them the same board that brought you Atlantic and it’s nosebleed failures to reach any target will if history is a guide do it again- fail and burn capital

maybe a capital return in the future but given the shares on issue it’s hardly a big return

shame on the mess

Vassie well thought out development at Gwalia a total fail

Board buying Atlantic whilst Vassie was also off tinkering at tawana which also turned to a total disaster is beyond belief

Sbm will basically have it’s secured debts paid off- be left with two very poorly performing assets which as per previous announcements need capital and a suit of equity assets but even their investing via Vassie etc have not delivered anything

A nice whack of cash to keep a hoard in the style they are accustomed- there will be no div in the future imo

from 750 m no debt
To needing debt repaid - selling a mine it has borrowed and spent hundreds of millions on
To a token amount of cash holding two assets which poorly perform- that need more money spent and a portfolio of equity investments

watch them no doubt pay themselves nicely
Sell down equities at wrong times to cover grand development plans and be right back here with less and looking for more money after a name change in a few years time

but maybe they will stop pumping deep sea tailings into the ocean in png and claim they have gone green