Hi WG,
I understand what you are saying but isn't a key part of SBL's strategy too quickly process the tails to allow a largely self funded exploration program, targeting 10m reserve? How many penny goldies can do that, in such a prospective region. This has to de-risk the project a fair bit. The grade maybe average but there is a reasonable jorc, cash in the bank and production in just over a month.
I would think in todays market risk management is a key sp driver also?
Very simplistic but the strategy seem sound- happy to be corrected.
G$
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