As DeGrussa heads into its Autumn years with ~3 years remaining on current Reserves, SFR is building a pipeline of the next generation of production assets. This includes the Botswana Copper Project, pending the acquisition MOD Resources (MOD), and the Black Butte Copper Project in Montana, US (85% SFR). In addition, the Company is creeping up the register of Adriatic Resources (ADT), with the polymetallic Vareš Project in Bosnia and Herzegovina. Argonaut poses the question whether SFR is building a strategic global portfolio or whether this diversification is a leap too far for the current single asset, Australian domiciled producer. We resolve that with the correct corporate structure and prudent deployment of capital, the former premise will prevail. HOLD maintained.
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