Ann: Exploration Update, page-16

I think the challenge in attracting speculators other than the invested core, is that it is very difficult for them to compute a set of risk/reward trade-offs. We know that risk versus reward is essentially binary in a specky explorer - but there is no sense of the probabilities here or the basis for assigning probabilities. Is it 50/50? Then comes the quantum of the risk and reward. We know the quantum of the risk is the size of our investment - but what is the quantum of the reward?

IMO, most speculative investors will remain on the sidelines, ready to quickly pounce, until they can start to get a grip on the risk/reward equation, beyond just the intuitive. They will await results or even actions and sentiments from insiders to help form that equation.