VEC Research, page-184

That's what makes a market rastes. If we all agreed then there would be no stock market. It all comes down to the economic viability of what is in the ground and whether punters believe the company have the expertise to maximise the return on investment. At the end of the day the MC value will be determined and the SP will follow not the other way around. Shares on issue not a concern at this stage. If they become too extreme then the company will consolidate. It really isn't anything new. Being in the right sector at the right time certainly can be advantageous though. Successful specs are few and far between but if you don't like the thrill of the hunt then just invest in blue chips for dividends.
All specs have a high risk hence the high reward potential. I don't think you will get many banks punting on unknown resources so I am guessing only, but don't think they are looking at banks as cornerstone investors, well not yet anyway
Out of curiosity, do you have a SP or other indicator where as you would change you opinion of VEC or is your mind made up no matter what happens?