Your implication about SFR's rights or favouring might be...

Your implication about SFR's rights or favouring might be correct, but's that's of no consequence at this moment imho. SFR is in this because it likes the situation. It's a nice passive investment. Oz and the USA are the focus of its gaze.

What I have not read here - may have missed it? - is that the driving force behind SFR, Karl Simich, is a 2nd generation Australian whose father is a Croat and his mother is Italian. You'd therefore have to think that KS should know the B and H political scene and the way exploration etc works there before investing SFR's $$.

OK, it's (sort of) tribal there, so that K's dad probably had no genetic connection with B and H because he was Croatian, but being a well-educated and experienced finance, exploration, mining and governance person with international knowledge, you'd have to think, eh, that he would have done his homework before investing for SFR in ADT.

For me, that's the bottom confidence line.