Ann: ORE RESERVE ESTIMATE AND POSITIVE PFS FOR COOLGARDIE PROJECT, page-18

I'd argue that it high risk because it is so small, it makes you that much more susceptible to variations in the block model, a poor blast, a wall failure or recovery. There just is no moat or room for anything to go wrong.

Everything has to go to plan ... and the reward is 16M (undiscounted).

"If the grades start falling ..." - have you ever held a share that your underwater in and you say to yourself, it will get better, it will turn around. I was at a new operation where we just could not repeat the block model ... initially it was a "leached zone" at surface, then maybe it was too much dilution, grade control wasn't spaced close enough, it was nuggety, operators error etc. Finally Westpac came in and put an end to us.

Like holding on to losing stocks, its tough to take the loss. So many people are invested financially and part of the operation, part of the story. Its tough.

Sure at 30M MC making half that will look good, especially with the sleeper up north, but I am sure a lot of those $$ will go back into the ground to explore the higher grade hits, and progress Mt bundy. In comparison KIN has a MC of 45M but their potential is a fair bit higher and with more substance (I don't hold but watching with interest).

Maybe they will get a re-rate from production? Maybe they will get some excitement from those HG hits? Maybe gold will rise to $2000, maybe, maybe. I am sure there are a lot of investors pushing for cash generation just hope they don't rush it.

I don't know @snakepitt it just seems like there isn't enough in it. Happy to be proven wrong.

Always good to chat to you mate. Still keeping an eye on MM as copper rises.