If SFR aren't bidding between 50-60c before finance sorted (which causes complications) I don't think they were ever serious and 38c was just an opportunistic low ball.
Post tax AUD NPV is currently above $1/share. 50% of NPV is cheap and leaves SFR with plenty of upside + exploration potential to incrementally add value. Unless management are determined to take this to mine they should be opening discussion channels.
This is just my opinion and I realise others will see it differently.
If SFR aren't bidding between 50-60c before finance sorted...
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