allow me to play devils advicate for a minute

Two things:
1. What if the Aruwurra prospect in particular returns a bad drilling report in a few months? Won't the SP dive/loose alot of its upside potential as this is really where the excitement of MAK is being generated? [note that while I am aware of the full portfolio of projects, I beleive these cannot account for the amazing run to date).
2. Comparisons to FMG are misleading. By the time its SP hit this kind of price range (high $2 areas), that company had already secured future contracts for sale to the Chinese (for 20 year periods) and had an agreement with the chinese government to pay fo 90 per cent of the $1.85 billion cost of developing a new iron ore mine in the Pilbara, building a 400km rail line and port. See this chronology: http://www.brookesnews.com/042911mining_print.html

I pose these issues as a prospective buyer who would like to consider all the issues before purcahse as I dont want to get burned.

Cheers.
I pose these questions as a prospective buyer trying to see MAK from all perspectives.