Ann: Updated Resource with Substantial Indicated Classification, page-47

like you, i originally imagined:

1. a 14% zinc equivalent

2. high grade scoping study

3. I was unaware of Burmese production sharing agreement

4. higher share price for capital raising

5. not such a large capital raising

however, once the drill holes were announced, my expectations fell, which were confirmed with the lower grade Indicated JORC. factoring in a lower grade, high dilution and higher govt share (even at 30% per my spreadsheet) my estimates are greatly downgraded

its still possibly a good stock but my share price estimates are lower than previously for both short term & long term. i hold a smaller position and wait & see for a Share Purchase Plan

however, i could be completely wrong