update, page-4

Thanks, Hotfire. If this was an O&G explorer, the natural thing to do would be to farm out to a larger company with the personnel, equipment and experience to do the necessary under earn-out terms. That's what AUT did and it made me 10x.

With SBR, there has been a merry-go-round of technical issues that they have not managed to surmount. Perhaps they should look at the possibility of bringing in a JV partner that can turn the (upper end of the) Guchab exploration target into an indicated JORC as its earn-out consideration and share the cost (and provide expertise) to get the deposit mined. OK, so we lose some of the potential but [half] is better than the current nothing. But, they have only just started to explore EPL 3540 and, if other regions, such as Nielen, hold attractive deposits, we could end up with 50% of twice as much or more.

They must have something of interest to show a prospective JV partner (and I'm not referring to the sister companies)

Then there is the Kaskara licence area. That is a totally separate EPL and, once they have cash generation and a decent share price, perhaps they could crack that one themselves. There is also Border.

They just seem to be sleepwalking.