update, page-43

The schedule of drilling is the one published on 25 September so far as I can see. They are reporting for the quarter to 30 Sep so it's not surprising but disappointing that they did not take the opportunity to update for the results this month.

AGM resolution 3 is the same as last year and is a renewal of that authority. It does not mean that the powers will be exercised.

The Kombat concession is owned through a subsidiary (Gazania Investments 9 - 80% owned) acquired when SBR bought the Otavi companies (Starloope Holdings) in 2012.

They say "The zone of near surface mineralisation around Pads 1 & 5 has now been defined over 130 metres of strike, is 30-40 metres wide and is continuous to 70 metres depth but remains open...." If we apply the mid-range grade (based on the exploration target) to just that, valuing the near surface Cu at $4,000/t (it wouldn't take them long to scoop that out), the defined resource is worth about $50m, or 20c/sh. There will be tax (but significant deductions) and SBR only owns 80% but it still makes nonsense of the current price. They are still targeting a 400m strike length open in all directions.

We're not really any further advanced from the last exploration update published.