Market sentiment for minerals and explorers is poor and the big...

Market sentiment for minerals and explorers is poor and the big boys have been divesting "non-core" assets. Cu prices are off their peak although SBR's mines should be profitable at this level and well below. It is the deep mines that will become more marginal and investment in those will be deferred. Kombat will have a job justifying the capex required to exploit the deep deposits that it has been exploring. That might provide SBR with opportunities when the market turns. For the time being, SBR has some of the most valuable commodity of all in the current market climate - cash.

SBR's progress and announcements are important but it might be the bigger picture that is depressing demand for its shares. All that SBR can do is to continue to prove up Guchab and Schlangental so that, when the general market changes, it will be well-placed to exploit it.

Last year's capital raising was quite astute.