I tend to avoid exploration plays in this state. As a geologist...

I tend to avoid exploration plays in this state. As a geologist the chances of success in discovery is pretty tough esp. when commodity prices are where they are now, that makes the situation tougher.

All exploration companies and producers are trimming costs, so its gonna be hard to get a good bang for the buck. I think only if AON is able to get a new MD with reputable credentials eg. like how NST did back in 2008/09 with Bill Beaumont or Conquest Mining got Jake Klein to turn the business around with innovative M&A deals and acquire production assets to obtain cashflows. Then otherwise, its gonna be tough for AON.

That's why I avoid all exploration plays for that reason, it could take years to recover.

You'd should have put money on BHP when it was around $29 or under (the safer mining stocks). But I'm into companies like EXE, RRE, AZK and other failed explorers (who are changing to technology companies) who realized its bad game to raise capital and burn investors money through expensive exploration and get crap findings. SGQ is a good example of that, I too was a former holder of that just after it IPO'd, spoke with the Executive Chairman over the phone, like Dominic, he said this and that promises and turned out a dud... now they are still talking rubbish. Luckily I pulled out too years ago barely break-even and never looked back.

My best play was AZK, 1PG (formerly ITT when I was in it last year), SFI (formerly WSR), and NXR.

I got in AZK at 4.1c, ITT at 18c (pre-consolidation was 0.9c), WSR at 0.9c, and NXR at 2.1c. Gotta love the technology stocks.