annual report

I settled down yesterday and read the AR

It is a document pitched to the professionals.

Aside from the front cover there is not a colour presentation anywhere.

Just sober shades of gray.

This year the profits and reserves speak for themselves.

So the emphasis is on the many TOP quality exploration situations. We do not get (or need ) pages of drilling results this year.

You can take that as read.

Many pages are devoted to compliance issues that only institutions will understand ( I don't)

You can usually find a couple of gems in the printed report that make you say I'll hold for another year to see what eventuates.
This year is no exception.

Here are two little gems.
1 Top of page 37 First phase drilling at Kukerin.
2 Challenger decline is at the 660 level.......By my calculations they would only have to wander across 20 m to intersect the sweet spot in the M1 shadow shoot.
At 36 kg/tonne they will effortlessly meet production targets (if they need to) and pay the next dividend.

No wonder the shorts that are reported at the ASX site are rapidly scrambling to reduce their position.
PS I am reliably informed that the reported shorts position is like an honesty box.ie it probably is wrong