I normally try to be technical and precise. However with Aly...

I normally try to be technical and precise. However with Aly i'll give my opinion.

1- Degrussa, from the few bits of core that SFR have put on display, would appear to be a tectonic breccia, and not a VMS.

2- There is no extensive alt halo around degrussa, and it is linear. A VMS in the feeder system should have alteration, and should be irregula.

3- To date, no one has come close to showing/finding the missing link to the VMS story - the extrusive sulphide mounds.

4- HOR's Horeshoe Lights only makes the classification into VMS based on the alteration study, which is quite old. This deposit was not classified based on overall data - only a restricted dataset.

5- My opinion is then: there are no VMS deposits in the the Bryah basin. Only structural hosted Copper Deposits. I would be very pleased to be proven otherwise, and would happily eat humble pie.

6- ALY were too early spruiking the Copper story, calling their tenure the "Magnus Copper Project" was a mistake. They had no verified decent copper mineralisation to make such a claim.

7- To date, ALY has not come up with any decent copper mineralisation.

8- No one else has found a decent copper deposit that is not structural or ambiguous.

9- ALY has Wilgeena. A sweet little Au deposit, and very likely to make money, but is is currently small.

10- Hermes is hard work. Au is there, but is hard to describe an overall story.

11- A long distance to processing centres will add significant costs to production. Plutonic will take ore, but at what cost and in what processing regime? That is, it is likely that Plutonic would stockpile ALY's ore and process it in batches as the mill is very big and requires a large throughput.

12- The Murchison leases are not very good - I had a look at them prior to ALY acquiring them. There is a reason no work was done on them when owned by Jindalee.

13- ALY are living on hope, not trying to make this latest geophysics a story is still that, a story. Its great they understand why they drilled snot, its great that this latest technique proves they drilled snot, but it does not change the fact that their ground has snot.

Overall, I rate Aly low because I do not believe the VMS story. They have a few gold resources, but will be expensive to mine.

They need a +200K Au ounce orebody to found to justify an operation. And this orebody needs to be decent grade.