AGM questions, page-27

That is the real beauty of the share market, in particular for longer term holders. The current share price is a notional price for a long term holder, and is only relevant for shorter term investors / traders who are eager to get out. In fact, it is more than a notional price because a long term holder can actually accumulate more shares at a lower price as I and I am sure other long term holders have been doing. It may not be via beautiful line wipes that shares are slowly being accumulates but through the constant selling pressure. Why buy at the ask when you can buy at the bid?

The value of the company at the close today as indicated by the share price is definitely a notional and irrelevant figure because there are investors / institutions waiting in the wings for announcements that they require to de-risk the project enough for them to take a position. They won't believe their luck when the platform is set and they are able to start their buying at these levels. But that's exactly the point I am trying to make, they won't just enter at these levels; they will know exactly what the project is worth after the feasibility study is out and will mop up any loose shares up until a price where they are satisfied that the market cap is sufficiently discounted for the remaining risk in the project. We can only speculate as to what price that may be..