Thanks marum for your estimate of Arctic and Hermosa being 8-10...

Thanks marum for your estimate of Arctic and Hermosa being 8-10 years from production - at least you had a stab at it. .

I put 6 years on this happy day, effectively a dream run of instant permits and rights resolution, fast-track resource definition, off the shelf engineering and no surprises.

Last FY, S32 spent $100m on Hermosa, this year's forecast is less at $60m. I cannot imagine GK & team would financially constrain development in any way, yet throwing extra money at it would make little difference to timing.

S32 wants to become a base metals powerhouse - a worthy goal.

An acquisition to bridge until Hermosa starts producing would be welcome. Quality Tier 1 base metal assets are rarely offered for sale and S32 must hold plenty of dry powder ready for this opportunity.

Elsewhere, the SA coal disposal looks stalled and Eagle Downs a marginal development option. I regard Eagle as a Bowen Basin trading card and awaits the corporate evolution of others.

Holders have to hurry up and wait. Meanwhile, S32 will bob around with commodity prices and can be traded on that.

Ash