Ann: Quarterly Activities Report and Appendix 5B, page-16

geffa - it is nearly 15c now - 6c from ARL and 8.5c current share price. Hats off to management for unleashing the unrecognised value of the non-Woodlawn assets when they were in HRR.

benwex2 - bit harsh to say management doesn't have the knowledge or the will to progress the project when you look at announcements 31/3, 4/5 and 10/5 - environmental approvals, awarding of EPC contract and yesterday's 3+ year, 100% off-take agreement. These are all major milestones that take enormous time and energy and the small team at HRR has managed to pull it off. Management is ticking off the boxes, with the big financing one to go.

As I mentioned in a post on ARL vs HRR recently, the mining game is full of variables beyond management's control and all the best laid plans can be ruined in a heartbeat. The variable recently that seems strange is the selling on positive announcements so close to development. At least this variable is only the sentiment of one or two investors (maybe they need the cash; maybe they sense a cheaper buying opportunity coming up) and nothing to do with company fundamentals. If you're a believer, forget the share price and stick to the fundamentals - they usually win in the end.