Silver seats going to be hard to find, page-164

It is not just SVL that the fund manager had no clue about. Their comments about ADT show they have little understanding - they believe it’s fully valued yet 4 brokers have it on a 2025 forward PE on current SP when in full production of 4.7 ie less than 5. The fund manager suggests ADT is fully valued based on the DFS NPV but the reserve and production period has doubled since the DFS and both are set to go higher. How can they

Very lazy is being too kind - it’s more like bias, mis-leading and very amateurish. They are a generalist fund manager and these types of managers do not normally do a good job on resource stocks.

SS1 resources are 100% inferred and it’s a long way behind where SVL and ADT are - years behind. Yes it may turn out to be a good deposit but they need to prove it.