Why, page-5

WT,, I think you might be still overlooking the possibilities of expansion at the Edna Beryl site. There's more work to be done around this site. There's also NSW exploration..
I get the feeling that during the period March to June all these will become a lot clearer, hopefully with further good results.

MarkW,, I still think the market is getting over the fact that for one reason or the other, large stakeholders took a very long time unwinding their very large positions in ERM when market depth and SP were just starting to get moving(over the last year or two). One in particular was due to them winding up their US hedge fund and just about everything in it. (unfortunately at the expense of the ERM SP).
At the time any move up was countered by a wave of selling.. Now that they are gone, its taking some time for people to 1. Rerate the company ,, 2. Trust that larger stakeholders are stable..

This is starting to happen with investors like Noontide accumulating, and moving up the register..

I think there will be a re-rating once EB has been further tested , and NSW exploration started .. My understanding is that this will be happening in the next few months (prior to June 30).