Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-5

Hey @sean666.

Like you I viewed the June Quarterly positively. Record concentrate production, solid progress inceasing mining rates, positive operating cashflow, paid the Orion loan repayment albeit with Yansteel prepayment assistance and the commencement of discussions with Orion and NAIF to renegotiate the debt repayment terms.

The SFX share price took a real beating as the implications of the oversize issue became apparent. (Mid May 2024 to Mid Feb 2025) where it dropped from 49 cents to 14 cents. My take is during this period some shareholders took the view SFX could be following Strandline into voluntary liquidation and as a consequence they might lose their investment and it was heavily oversold.

Its seems to me that if this performance keeps a substantial share price rerate might be in the offing. The question is when might this occur. Probably after another quarter of good performance, when the renegoitation of LT Debt is complete and Ord Minnett rerate SFX to a Buy.

DYOR & GLTAH

-DGT