Yep, that's a concern, is the loss of SMS the cause of decrease...

Yep, that's a concern, is the loss of SMS the cause of decrease in % Tier 1 clients and INCREASE % of work at "Greenfield Exploration & Feasibility" stage.

1H2019 96% Tier 1
1H2020 87%
1H2021 80%

"Greenfield Exploration & Feasibility" (rest is "Mine Site Exploration & Resource Definition: Development: or Production" )
FY2019: 10% Greenfield
FY2020: 10% Greenfield
1H2021: 20% Greenfield

So are these changes from the SMS loss, is it just reflecting a wider client base, or does it indicate a more risky client profile (and more risk of defaults)?

They've not (in presentations) broken down % of "Mine Site Exploration & Resource Definition", "Development", or "Production". Be interesting to ask whether that is shifting too, and whether that affects margins, or risk profile, or length of contracts.

Also nothing in this presentation on the outstanding/ ongoing SMS dispute (even if just to say "it's a thing that's in legal proceedings"). Disingenuous?

Nevertheless, a small cap, with much in its favour (but cyclical forces and the SMS debacle NOT in its favour. On balance, if it wasn't already in portfolio, I'd be looking to buy.