Ann: Carnaby Successfully Completes A$20M Placement, page-243

Ok what would I know, I'm just a geologist and mining analyst and have completed the CFA program. Google "Mosaic Theory", it's 100% legal. If a company makes a significant discovery and doesn't release it to the market then yes, that is illegal (material non-public information). Rolf's point above is that people can be privy to a lot of information that alone isn't material (non-public non-material information) however when combined gives that individual advantage that is indeed a "material" advantage for them. This is the whole reason that analysts exist... otherwise they would just be called journalists