Ann: Quarterly Activities & Cashflow Reports, page-3

It's a good question.. From my experience, when you use some brokers their client base are traders not investors.. they look for a quick buck and get out, or cut their losses as they have no real understanding of the underlying value of a business, just the technical movements in its stock price. It's a real lesson which I keep seeming to have to relearn.. when I see some brokers doing a capital raising in future, I'll get out no matter how good the stock and then come back in 6 months later as the traders cut their losses. I'd be interested to see someone do some analysis of 12-mth share price performance post-capital raise for each brokerage firm, against baskets of stocks.. I am sure it would be illuminating.

Anyway.. this is marooned at the moment. No one looking to buy as no news flow, and if this drill campaign doesn't come up with anything, they'll have to go to another capital raise later this year without strong investor support. It's a real pity as the operational capabilities of the management team are really good. I hope that the lesson they take from this is that some brokers are good to refill the kitty but not much else, and other brokers have good investor bases that buy and hold. The problem for WA miners is that they tend to meet brokers over beers in West Perth, and not do a little more shopping around. Anyway, still like the asset and sticking around as most of my portfolio is conservatively focused at the moment so this can be my one vice stock.