Yes agreed there are no new elephants found but as a company with a good resource and some debt to pay down/convert I think their current focus should be to simply define what they have, increase it on the edges, then probably increase it some more.
Once Glencore are dealt with (one way or another) then you can start to divert money to exploration ('calculated and intelligent speculation').
As a business, whats the use of risking money exploring when you have Glencore waiting to pounce if you mess up?
Management are being prudent. They have had their near death experience and they have come out better for it.
Forward Fundamentals, page-7
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