up 48% in 2 days major rerate, page-17

I can see what you're saying. But management directly oversees exploration & project acquisition / development decisions - which is at the heart of a mining company.

And even more importantly, management is responsible for the allocation of cash flows from an existing mine. They must answer the question: do i distribute the cash flows from this mine to shareholders, or plough it back into expansion? The best project in the world with crappy management is worth nil as the project's cash flows will be ploughed into future crappy projects. Most miners choose to reinvest and destroy shareholder value.

ATV is a rare exception. Investors that have studied Wally and Ron's background expect them to create immense value through the reinvestment of Touquoy's cash flows. ATV will be a cash flow compounding machine. Just look at what Wally and Ron did with Plutonic in the 90s - increase share price by close to 20x in 6 years through the reinvestment of cash flows in [profitable] expansion - from one mine to five...and this during a period when gold was flatlining at $500/oz.

Management is everything imo. And we've got the champion team.