Ann: POSCO Transaction Complete, page-313

Hmm... there is the pathological case where the resource explorer spends the $100m on drilling a hole, capitalises it so it remains an asset, but reveals later that there isn't anything at the bottom of the hole, but most of the time I think you're right. (see KAR AU for an example where the market thinks management will send all the money to the bottom of the Pacific Ocean). GXY is more of a producer/developer than explorer these days, so the comparison is not really valid.