Ann: ASSAYS FOR TAILINGS RETURN GRADES UP TO 3.85 G/T AU AT TOMS, page-12

G'day OC. While the daily volumes haven't been massive, they have been steady with a reasonable amount of supply in the $0.04-$0.05 range (since dropped lower, as we are all painfully aware). Naturally prompted me to question where the supply was coming from. This is why I dug up the top 20 holders. Difficult to know for certain who is selling without seeing an updated list (last was issued October 30).

Garry did say this when I questioned him about any changes to top 20: "The top 30 shareholders (of some 1400) control over 50% of PGO and to my knowledge they too are little changed over the past few years – so a good sign there is good backing from a stable base of holders."

If this is actually the case, there is still the other 50%, so more than enough to explain the supply. I can only speculate here, but in trying to make rhyme and reason of said supply and decline in SP, here is where I landed (all just my opinion, of course):

Can't deny the frustration stemming from delayed milestones, even if it is just the one approval (got five of six) that'd see us off and running toward production. For some investors this is enough to cut and run. Heck, I've taken the same approach on other stocks I've held where I had a timeframe for which I was prepared to hold and monitor progress.

Couple this with the performance of the rest of the spec market over the last three months – some on here with a helluva lot more experience and wisdom than me are calling it the best spec market they've ever seen. It hurts having capital tied up in a stock that is bucking the trend and actually losing ground while seemingly everything else in the market is steaming! So again, I get the temptation for people to eject, potentially cut losses and go with the momentum elsewhere.

I still believe the story has merit – I like the logic in using cash flow from Coolgardie to build out other assets by way of Mt Bundy and potentially other opportunities that might arise. Also like the potential upside of both Coolgardie and Mt Bundy (plenty of promising land that is yet to be drilled). And I've sat in this long, so I'm holding until we're into production and will then reassess my position based on how long it bloody takes and any other developments between now and then.

– Alby