break out, page-48

New top 20 will be due after the end of the quarter. It will be fascinating to see how it shapes up.

Two things to look out for
i. someone has been buying around 1 million shares a week all year and stepped it up a few weeks ago - where will they show up?
ii. Will we have seen any of the top 20 drop into this surge? Former CEO has been a seller but had a huge parcel when he moved on to other things.

As it stands roughly 80% are currently held by the top 20 and stable. Of course this may only be because there has been little to sell into however I am confident that RAB and Lundin, who hold 19.9% each, won't have sold any as their eyes
are firmly fixed on the potential prize in Mehdiabad.

Mehdiabad will remain the long term goal due to the enormous value it should represent but projects like Namibia will help restore the market cap to support existing small shareholders and future fundraising to keep Mehdiabad on the burner.