@Riglife I could not agree with you more. I read where S32 say...

@Riglife I could not agree with you more.

I read where S32 say FAST-41 isn't so much about the speed of the applications being granted, but transparency with the process. Yeah, maybe. They have to say that, just as a football coach says, "every week is a hard game; and we're taking it one match at a time". Yes, it will perhaps be more transparent, but I reckon GK & team would be quietly expecting a fast tracking of the process at a bare minimum. What's the point having a "fast" programme if it moves at regular speed! It would surely be an oxymoron.

S32 would have half an idea that the US government may help to fund it. There is no greater way to ensure something is built quickly by a third party than to help them to pay for it. Talk about a free kick in front of goals if that happens.

Ash and other long term holders -- I am curious....I note that Ash has been rightfully positive ('Hermosa the monster' ) on this project for a long time. I remember reading a few days ago, posts from Ash back in 2018 on Hot Copper when the Canadian company owning it (Arizona Minerals?) was taken over for a huge sum. I wonder whether, with the benefit of presentations like we have seen today, you feel the project has lived up to your 2018 expectations, fallen short, or surpassed them? At the time the US$1.5B must have been a risky purchase despite the glowing initial reports, which must be rudimentary compared with the studies done since then. I note the mostly lack of negativity at the time on HC, despite the eye watering sum and large takeover premium paid for a junior miner. They seemed to really want it at the time. Based on what you've seen, would they feel vindicated here in May 2023? Certainly nobody knew about Covid, supply chain issues, China issues, the Biden government's green energy focus, or the so-called Inflation Reduction Act in 2018 when it was bought. The purchase decision seems to have aged very well.

I hadn't even heard of South32 in 2018 to be honest. Hermosa sounds almost like a Chalice Mining-type deposit which grabs your attention immediately; where FID is as much a certainty as you could ever expect in this industry. It looks like those expecting big things of Hermosa will not be disappointed.

One last point: this project seems a perfect size for S32. If it were like, say an OZ Minerals take over / Olympic Dam capex sized project it would possibly be beyond us. If it were half or a third the size it would be too small. However, given our market cap and the capex required, plus expansion opportunities (I note "The Shire' is getting a mention more frequently now) in the future, management have really chosen a project which is globally significant, will add greatly to our profitability, and is within our capabilities to take on, self fund, and develop without putting the company in jeopardy. We should be able to get this up and running whilst still being open to further M&A and partnerships, without all our eggs being in one basket.