Ann: More strong drill hits across key prospects, page-120

I own BGL and EMR and have for a while. The issue with EMR a few years ago is they were building, I believe, the first gold mine in Cambodia which is a third world country not know for mining - investors attached a significant country risk to it and it wasn’t until they delivered in spades on production and costs that investors took them seriously and the SP went up heaps. Cambodia is well down the Fraser’s list of favourable mining countries as is my next example.

But I do agree SPR does fell like EMR was a few years ago and it also feels like AZS a year ago - ie there is such major potential at SPR that one feels the SP may go up multiple times 60c just like these two stocks if they deliver on that potential.

ADT seems to be in a very similar position to EMR was a few years ago - third world country but in Europe, not known for mining just into production where the current SP will look very cheap if they deliver on production and costs (half revenue is coming from precious metals). However, it has a much higher grade, planned production ie revenue and LOM than EMR.

BGL and SPR have little country risk compared to EMR and ADT.