Estimates of FY Underlying Profit, page-5

There are a lot of "junk" stocks on the ASX.

The winners (that outperform) either get there from

• Luck (stumbling across a big reserve)
• Executing their strategy on time and on budget

I don't count on luck, but SXY had/ maybe still have quality assets.

Either the management team are simply unable to execute an operational strategy (hence the teething issues and delays in financing and drilling)

Or SXY has poor quality assets, hence the attempts to deflect us in other directions.
(E.g. considering ironbark acquisition, this new lease etc. etc.). They could have come to the acceptance that SXY's existing assets are "junk", hence, have turned their focus to another plan to keep that dream alive for shareholders (as the "adjusted" dream would need a capital raising).

I'm still hoping its the former, but cannot discount the latter (as every sign points to this - bad flow rates, EIG selling down, ID selling down, CFO resigning, constant delays, delays in funding). In fact, apart from the Presentation / plan (which is hearsay until I see it, given the failure to execute in 2018), until I see drilling commenced and decent flow rates, there is nothing that points to the contrary.