Ann: Change in substantial holding, page-5

I appreciate your view but am more inclined towards the sort of value MIN sees, not only in McIntosh, but in HXG itself (as evidenced by their solid support of the recent capital raising - on top of their anticipated $140m spend to earn 51% on the McIntosh project alone). There's an argument to say that HXG is on a 50% sale. I spoke to a senior broker friend of mine who tells me Tribeca are seen as a bunch of very clever guys and agrees with me that having Tribeca growing their share of HXG is very encouraging indeed.

But that's what makes a market. Clearly the geopolitical backdrop for speculative stocks could hardly be worse and most microcap stocks are struggling. And whilst HXG is holding up well, I still maintain that it is relatively cheap anywhere below 40c.