Ann: Hot Chili Presentation Costa Fuego PFS Maiden Ore Reserve, page-348

Thank you 1OGF for your concise contribution and thank you lukeandrew1 for your donation.
Why did the $P drop ? Let's review the big picture. Who are we? A Promoter, Punter or a Player ?
1. A Promoters job is to excite fresh Punters with a Exploration / Developer Story, so they may keep afloat until the next Drill Hole/Stream/Off Take/....
2. A Punters job is to fall in love with the Princess until they fall out of love and doubt the tease/story & replaced by a fresh new love struck Punters.
3. Players ride the wave of time and risk reduction, all the while knowing the potential future value & probability of success at each stage of development.
We all have been the Punters. I certainly have ! Experience aka pain should transform us from Punter to Player. Punters are High on risk, short on patience and lazy (uneducated) or innumerate. All good promoters must burn through Punters. By definition a 15 year dev horizon with a 6 day/week/month punter timelines is torture as a CEO. The bigger the Player the lower the risk appetite. Players are often playing with OPM. When they buy in to HCH, (which they have and will), we are getting closer to the bottom of the Lassoned Curve. Don't blame CE, he did not invent the Lassoed Curve. If you don't understand the reality of human behaviour/psychology, you are probably still a Punter. Ironically we participate in real risk reduction and increased real compounding value (despite market conditions / prevailing share price) when we participate in CATALYTIC risk reduction events through the development stages of increased certainty - PEA - PFS - DFS - FID. At any Stage we can be WRONG and effectively loose all our speculative investment. Often we then go into denial and stick the stock cert in the bottom draw because you can't psychologically pull the pin on a loss because that would be admitting you were wwwwwwwrong..
My current conclusions:
A. CE is clearly a very good Promoter. Judge him over long term results.
B. PFS is massive real value add. A CATALYTIC de-risking event that reduces uncertainty and absolutely adds value and that brings us closer to NPV.
C. If you had not factored in a 2B Capex then you did not do your homework. RR, Glencore & Co did their homework.
The share price dropped because the Punters who wanted a quick, near term profit/exit are pissed off and sold or panicked.
My strategy is to align our own incentives and timeline expectations with those who are in control of the game.
The only likley exit is Takeover or JV Development. Why ? Because Players are in control and they want the compounding end game NOT A PUNT.
There are multiple T20 blocking stakes that know what this is worth and roll there eye at premature low ball offers.
Please follow the money and consider what 1OGF stated so clearly. WE have no choice.