Treasure

Treasure was the first album by the lineup of Fraser, Guthrie and Raymonde. Ivo Watts-Russell first tried to hire Brian Eno and Daniel Lanois to produce it, but Eno felt the band did not need him, so Guthrie produced. It was recorded in August and September 1984 at Palladium in Edinburgh and Rooster in West London, with Drostan Madden and Jon Turner engineering, and released on 12 November 1984. It was their first Top 40 album in Britain and stayed on the chart for eight weeks. The song Lorelei became a minor dance hit in the mid-1980s.

Fraser said she thought people would realise the names had nothing to do with mythology. Melody Maker's Steve Sutherland called the album true brilliance. Pitchfork ranked it 27th best of the 1980s, NME named it the 37th best album of 1984, and it is in 1001 Albums You Must Hear Before You Die. In the documentary Beautiful Noise, Robert Smith of The Cure says he played it while getting ready on his wedding day. The band themselves considered it underdeveloped.