My apologies. I responded prior to looking at the presentation.
Having watched the presentation shared by
@wassa it is clear that the "superior shareholder return" is tied in with their plan to become a mid tier copper mining company.
Hopefully they can get things going alone nicely with the cash in the bank and their exploration plans so the enterprise value is more par with their peers before looking too closely at inorganic growth.
I'm only a new shareholder in HGO and did not do adequate research before investing to I'm still coming to grips with what their prospects look like. The majority of my research resources are geared to WA and even though I was an OZL shareholder before they were taken over I had never studied the data available from the regulator so am still finding my way in that sense.
TBH my main interest was to get a stake in a copper producer/explorer at the small end of the market, I had a few other criteria which perfunctory research showed HGO ticked all of those so I grabbed a small parcel. I'm due some funds in about 6 to 8 weeks time and will look to increase my stake then, if not beforehand.
One bonus for HGO was that all their permits are within a days drive for me as I live in Melbourne, and as I have relatives in Adelaide I have travelled over from time to time although a lot less in recent years. Next time I travel over I aim to make a slight detour to take a look, especially as it's only a few minutes off the Dukes Hwy from what Bob indicated in the presentation.
(20min delay)