UBS on Brazil entry, page-27

Known potential? What does that mean? OZL are paying for AVB's jorc tonnes (validated and known) plus a qualitative stab for additional exploration upside potential that may or may not deliver.

SFR have bought high grade copper tonnes (about 3-4c/lb) plus silver and cobalt that will significantly replace and expand baseline copper production. S32 are buying into perhaps the best development play on the market (any base metal commodity) that is highly likely to become a top 5 producer in three metals.

The AVB acquisition imo is more expensive, risky and does less for OZL than recent peer acquisitions.