Charts, page-25

And here's another point worth considering...

There have only been around 50 retail comments in total on Hot Copper over the last six months since ASL came under the same management that took BGL from $15m to over $2bn in market cap (compared to the minnow AWJ which has between 10 and 20 Hot Copper comments a day). This is very odd considering the price shot up from 20c to over a dollar, and now back to a dollar, under this five star management team.

Why is this still well under the Aussie radar?

The rapid price appreciation is therefore not from retail buyers. It can only have come from institutions who are accumulating as rapidly as they can.

This deposit is big and rich with massive upside, two resource upgrades are coming out in the next four months, the market cap is still small compared to its silver peers, the number of shares on issue is tiny at just over 100m, global silver is being consumed 20% faster than it is being produced so there is a spike coming soon, company management are world class and have skin in the game, and the jurisdiction is first world. What is not to love?

My theory is that the accumulation is by American institutions getting in early for the long haul.