Ann: LSR Entitlements Issue Sept 2016-LSR.AX, page-12

The other thing to note from this map is the copper prospectivity and the fact that the tenement borders Sandfire tenements. Since this map was published SFR has become full owner of the Sipa land (a couple of years ago) and full owner of the Ventnor lands (jv initially then full acquisition this year).

This area (exclude Contessa and Brumby) is definitely copper country, sediment-hosted but with a little query on maybe vhms too.

Enigma is well-named as that is what is. It promised so much copper somewhere near the vast copper blanket, but Sipa just couldn't find the primary source and as it was costing a lot of money it sold out to SFR. SFR is a better neighbour to have though. It has the money and the brains and experience to find the primary source, if it's on its tenement course.

Thaduna/Green Dragon is a different story though. This is from a recent article in the WA following the buy-out news: The Thaduna/Green Dragon project is located 40km east of Sandfire’s flagship DeGrussa project and represents the largest known copper resource in the Doolgunna-Bryah Basin region outside of DeGrussa.'

So, we must monitor SFR's progress from over the fence. It could prove to be very profitable.

SFR badly wants to find more copper for its plant at DeGrussa. It will give its best shot to fully explore and exploit these tenements, that's for sure. LSR could be a beneficiary of that work.