Hard to know exactly due to cloud but the most recent image is...

Hard to know exactly due to cloud but the most recent image is probably a good indicator. 10/11 at Colina in-fill. Couldn’t see any activity at Fogs, Fogs East, Planalto and Salinas Sth. Some clouds are present so it’s possible 1 or 2 are in these locations but I get a sense the company is just smashing out the in-fill as fast as possible so these rigs can redeploy to exploring Planalto and Fogs.

Probably makes sense as there’s no point rushing exploration if the tonnage won’t make it in time for a May resource upgrade (which it won’t).

Better to get as much of the 63MT into measured and indicated as possible for the May resource upgrade - from memory, the DFS which Sigma posted in 2022 or 2023 was based on 55MT and was the catalyst which sent their share price shooting up.

So if we can get 55 or 60MT in ours, we should easily be showing a 20 year LOM.

Sigma is currently at $2.245bn AUD mkt cap - approx 300% from our current cap.

Just a matter of time for our rerate. Possibly not until Offtake and funding is sorted, but certainly on the way IMO. The market won’t leave a company which is basically the mirror image of Sigma, to remain at $550mkt cap for long.