Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-35

The expectation of this process to take years is perfectly reasonable and I think most people get that. However, in respect to how the market views PWN is that while we are down the track on this long process, we don't have a free run. Each of the steps are not some arbitrary tick the box exercise.

So I think the market has three view points: 1) treat this as a close to slam dunk and expect to pass through all the stages (think Mr. M falls in this camp), 2) cautiously optimistic but remain sceptical or 3) totally sceptical.

I don't think the market has enough information to shift the sceptics into the cautiously optimistic viewpoint. I also think that the building of market expectation of incoming information "imminently", "soon", in the " near term" and not delivering further hampers that and shifts the cautiously optimistic to the skeptical. So "when will the market get it?" As Mr M has asked a few times. When it has the information at hand.

So I think we are pretty fairly priced ATM, I'm not comfortable risking what MrM has as I'm in the cautiously optimistic camp and would rather ride the wave up