Sandfire, page-12

Well I think the first shot was incredibly opportunistic and undervalued the company significantly. I think if they wait for the DFS to be released (likely $450m post tax NPV at 10% dr IMO) plus further exploration drilling they run the risk of missing out altogether especially if there’s a decent intercept.

With a $450m NPV (estimate) plus the A4 results plus T1 and T3 UG (all proven or partially proven) plus exploration.. ur getting it all for $250m at a 1:10 on today’s terms.. low balling is a risky game, especially if other sharks are circling