To those who say they could never see this coming, all I will say is that a week or so ago the company put out some of its usual piffle about its "BFS" and scoping studies or whatever and they dropped the figure of a 3Mtpa plant running for 10 years - which implied a resource of 30Mt.
Well, you got the 30Mt they foreshadowed.
Plus 245Mt at 0.48% Cu Eq. Which is a shade higher in grade than Cadia, i'll grant you that, but Rocklands is a complex oxide/supergene body of mineralisation (ore?) with complex metallurgy unlike Cadia.
This is a fairly amazing turn up for the books. I gave up on arguing HotCopper a year and a bit ago because of the idiocy of holders and their refusal to even give a reasoned argument a second of honest reflection - the M.O. on here is for holders, insiders and traders to boldly claim this is the next Big Thing and get a feedback of mutual ncouragement and mutual support from like-minded dupes and to claim that anyone with a pessimistic bone in their ody is an evil shorting rat bastard.
It doesn't amuse me much to see my "pessimism" a year and a bit ago was well and truly justified. I tried my best to provide people with an alternative view, from a position of neutrality, so that those who had an inkling of doubt might have a chance at a more informed choice of where to stick their money.
All I will say to Nev and the rest, is you reap what you sow. Your losses are your own, and you made the choice. The question you must ask yourself - as I did a year or two ago - is how on Earth can you drill 500,000 metres of drilling and NOT KNOW what you had?
I am no lawyer. But I would ask how the company could avoid its continuous disclosure obligations for three of the last four years, knowing that on average they were coming in with consistent grades below their initial resource, and how this was not "material". I would also as the ASX and the AusIMM how they let this abuse of a fig leaf of plausible deniability go on for so long.
*I* thought it was fishy 18 months ago, that they could drill, drill, drill and not update. And now you know why. And now you know why you need to be suspicious of this kind of behaviour - and others, like the "miracle" upgrade of AZX, and CRK's resource, and other similarly odd geological furphies.
For the record, I recall that I had estimated Rocklands at 40-50Mt @ 2%, which in hindsight looks rather starry-eyed and optimistic in the cold hard light of day. It goes to show, even pessimism can be optimism.
Best of luck in the future.
CDU Price at posting:
$2.18 Sentiment: Sell Disclosure: Not Held
