Ann: Sandfire September 2022 Quarterly Report Presentation, page-11

Do you get the feeling the hedges are long OZL and short SFR? Kinda makes sense, waiting for BHP to up the ante but at the same time reduce market risk. Interesting OZL has experienced a difficult year delivering on guidance (last few qtrs), although maintained guidance for the year. Question can they deliver? Debt is SFR’s achilles heel, Matsa acquisition wasn’t perfectly timed and capex at Motheo increases the debt level in the next 12 mths. FY23 we will start to see CF from Motheo but inbetween we have commissioning risk. These headwinds provide the environment to short the stock, can’t short OZL and run the risk of a higher bid.