If you read the quarterly Geoff, you'll see that now most of the phosphate resource has been defined, attention is now being turned to delineate the tungsten, tin and fluorspar resource in Tasmania.
Not sure what you were expecting from the quarterly, I thought it summarized MAK's projects quite well, much the same as most spec stocks. The current phosphate price does weigh on the sp as well as the recent SPP, but MAK is well cashed up with over $40M, and some good projects.
rock phosphate rises to $110 us fob morrocco, page-10
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