SBM chart, page-9

The volume in June was in part due to the GDXJ sell down and was felt across all the junior gold companies. SBM did well compared to a few others.

I see limited upside in the short term for SBM. Production will be a little weaker this quarter per their forecasts in the last quarterly. Ultimately the production numbers drive the chart.

I also think there is a possibility that SBM buy someone out and dilute shareholders. SBM are a bit more desperate for another mine (than say NST or EVN) because they have one marginal operation with a short mine life and Gwalia with a more technically complex production profile as they go deeper.