Hermosa the monster, page-3

This is tough, Adi.

Hermosa is huge, high grade and will make buckets of money - but it is distant, still to be built and cannot be rushed, so what value can we put on it?

The Taylor PFS will flesh out the project for us. Given Clark is above Taylor, the Clark Scoping Study is probably more important data.

Very happy about Sierra Gorda, though the acquisition facility looks set to be repaid in less than a year, even without considering Sierra Gorda's contribution. I have been blathering on about the need for interim projects of higher value than the buyback to soak up the FCF. S32 still has considerable acquisition capacity - if it can find something it likes at a reasonable price. A nice problem to have, yet still a problem.

Ash