Every bet on the ASX , is on a sliding scale of Pretender to...

Every bet on the ASX , is on a sliding scale of Pretender to Contender.

If you consider the pitfalls of Africa, as AVZ and LLL etc Incredible at one time they could attract any moths to their flame, blind to the risk, but ultimately wings burnt off.

Then there is the what would previously seem safe jurisdiction like AUS, now plagued with Aboriginal heritage and Environmental net zero. The case of this week Tanya Plibersek’s decision to essentially ban a NSW $1bn gold mine on Indigenous cultural heritage grounds.

Ask PLS why they didnt buy into say, WC8 a good resource, but at 3x our MC. But, yeah, another risk in AUS.

Predators, will want that safe jurisdiction for both permitting and longevity. Nothing else matters.

And then to us, the slight of capex to only a few hundred mill, makes the finance risk lower, the dilution contained, and then a high EPS because we build with a tight register. That is Apple pie to anyone.

Where do we sit on the Pretender Contender scale ?
If you bring this back to risk reward. The risk imo low, the reward from this cap imo is substantial.