We upgrade our rating on S32 to Add, from Hold, after including the Sierra Gorda acquisition in our estimates as it nears completion. A solid acquisition introducing copper, molybdenum and gold to the portfolio. Immediately earnings accretive, +12% to FY23F EBITDA. S32 continues to make smart moves at a portfolio level, while promoting its position as the most diversified miner on the ASX (easily). A value and earnings accretive transaction that adds to S32’s investment appeal.