Ann: Large Porphyry Copper and Epithermal Gold at Kadungle NSW, page-18

Mainholm - while I understand and agree with a lot of what you say I would also say the following;

In October 2013 ERM's JORC global resource more than doubled (Gold up by 107% Copper up by 140%) due to the Goanna discovery and in November 2013 there was a further 70% increase due to further drill at Chariot (taking it to roughly 100,000oz) where a year later further extensions were discovered - that to me doesn't suggest "900k oz gold, but it is scattered across smallish deposits" but the vast majority being tied up in 2 deposits situated adjacent to existing mines.

Further to that the Edna Beryl small mines tribute is looking at 7,000oz - Chariot is being looked at as the next small mine but will be roughly 14 times the size.

I think you are right on "That is whether Edna Beryl will be defined as a significant IOCG discovery and/or Kadungle will be defined as a significant Porphyry/Epithermal discovery." but at what point does that happen? Before Edna Beryl was even remotely thought of by the market the SP was higher than it is now, now we have multiple very good drill results, we have a mine adjacent to the discoveries that has been refurbished at someone else's expense and we have been telegraphed the prospect of another good result very soon - surely the risk reward balance has shifted positively. The same with Kadungle - one drill result doesn't mean a mine but surely yesterdays announcement makes it more likely than it was a year ago?