It's management's job to put a positive spin on it, regardless...

It's management's job to put a positive spin on it, regardless of what they have. Ask yourself when the last time was you read a junior resource/energy company presentation and they said "Yeah, actually, we're pretty much stuffed and nearly out of money so you should probably sell your shares."

It never happens. I'm not saying this means STX are stuffed, far from it. I'm just saying judging any company by management's slant is a dangerous thing to do.

I do actually think management are confident, but the reason I think that has nothing to do with the positive spin on the presentations - it's in how much data they are releasing. In my experience if a company knows they haven't got a project, they'll be extremely secretive.

No sign of that here. STX's presentations are impressive and contain a lot of data that is enabling me to make some educated guesses even though I don't have access to it all yet.

But even the best CSG experts in the world couldn't tell you yet whether this project will work yet, even if they had all the data. STX are still several steps away from proving anything commercial.