I’m not really sure this conversation is needed here but I’ll...

I’m not really sure this conversation is needed here but I’ll respond anyways.

Yes I’m aware of the ‘luck’ involved with finding Degrussa but this is geology, not an exact science - the T3 discovery was found off a single rock chip anomaly remember.

I think post discovery Degrussa and SFR has been operated extremely well. Yes they didn’t get their way with ADT but they still hold a good stake and have earnt a nice 3 bagger in the process (perhaps the story isn’t done there?). I think they’ve identified an opportunity here and maybe they’ve played their hand slightly early (or late), but we’ll see how it plays out.

The other transactions they’ve been involved in including the outright purchase of Monty, acquisition of the blackbutte mine and various exploration JVs has been very shrewdly done. I expect nothing different here.

When you talk of over inflated script... SFR is currently trading at $1bn EV. They have a massive cash spinning asset at Degrussa which is churning out roughly 70ktpa Cu at A$5,000/t margin for around $350m before tax cash flow a year. They can earn such margins because of the high grade nature of the deposit (5% Cu and 1.7g/t Au). Yes there’s only 3 years left (assuming no further discovery) but then you have a further 2 years of lower grade (1.3% Cu) stockpiles to process... as well as the untapped 18mt @ 3.3% Cu Blackbutte project in the US (plus investments and exploration tenements).

I’m not adverse to taking SFR script at the right price, something like 1 for 10 (eq to 76cps today) would be very attractive IMO.

For disclosure - I am not a holder of SFR at this time.