I'm not sure I understand this logic. SFR are copper (with gold...

I'm not sure I understand this logic. SFR are copper (with gold credits). Yes, it's true that valuations discount the fact that they're essentially a single commodity, single mine operator but without some firm details on 'potential' copper further down from the lead apron, I can't see them diversifying into lead. I just doesn't make sense to me. If the deeps are somehow proven to contain a world-class copper endowment, G1A would immediately be rerated accordingly, making an acquisition even harder.

So will SFR diversify into lead to hedge the bet on deeper copper? I don't think so. I think they'll throw all available resources into Black Butte. That's a truly Tier 1 opp.

The project economics are really, really good so I think there's a very real chance someone else will run the ruler over us but I think it's unlikely to be SFR.