I believe this is referred to as value add and optimising use of...

I believe this is referred to as value add and optimising use of by-product.

I may not be the best on the ASX and being part Mannheim is not as attractive given it makes them a more leveraged producer, it is far from a poor outcome and offers sound economics which support development should it be shored up by more detailed feasibility. Less than the best quality projects get developed in any commodity and SOP won't be any different.

You have to ask yourself though, at some point what use is it backing the highest quality resource when it is controlled and run by someone who is an exploration addict and clearly has no real or pressing desire to actually bring a project into development? There is a reason why insto investors come and go over the years and the mcap of the company persists so low on any metric you choose. In the meantime, others who may have lower quality assets but with people determined to produce and do the full job will move ahead and potentially offer investors better and more timely prospects for earning returns.