Ann: Presentation to Investor Briefing Webcast, page-30

What if they had taken a stake in DEG or CHN?
Scattergun is not a mindless investment surely, but a review of info available at the time.
Scattergun does mean that you take minority stakes in a wide range of explorers if you think that they show promise and so pretty much the same approach that is taken by venture capitalists.
Even if only one is a winner, that can be a game changer.
But since 14 out of 15 explorer companies in Australia fail, you cannot expect 100% success. Hopefullly, SBM beat that ratio. It can be done - just look at DGO.