Its the one part of SL1 that I dont like. Whilst it somewhat de-risks the story, they are not strong in base metals anymore either - sold all of their assets in this space off and don't have a lot of horsepower internally. Any associated debt they provide will be expensive.
Would have preferred to see a Concord or someone who is strong in this space entering, but they already had hooks in it at the start. Every equity play Noble has touched over the last decade has turned to dust.
The rest of the story looks compelling. Holding on for the ride.
SL1 Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
