I always felt ERM never drilled their best tenements thoroughly,...

I always felt ERM never drilled their best tenements thoroughly, as they were waiting for a mill to arrive for years from private company TCMG. Private equity group Tembo was a major holder of TCMG from memory. Anyway, Pan African involved now. The JV royalty agreement was complex, and ERM potentially didn’t want to show their best hand until the mill arrived. The royalties are substantially more lucrative to ERM if it is classified as a large mine versus a small mine.

Own some ERM and very happy to have added more indirectly. Don’t discount the copper potential at Hermitage at some point either. Or Jasper Hill if they get the native title sorted.