Ann: Placement Completed Appendix 2A and Cleansing Statement, page-41

Great post and analysis Bin.
I can only agree, there is blood on the streets with explorers and wanna be developers (although the likes of CMM and BGL prove that quality deposits are still being valued fairly). Patience is required right now, although I cannot deny I am surprised that the SP has sunken this low.
It would seem that the recent raise, while not pretty, was probably timed relatively well considering how quickly sentiment has deteriorated, yet the U.S and AUD POG is holding up very well, plus the TA I follow says this is just consolidation before another big move in the bull run.

"Market needs to revalue some of these assets or they will get taken off our hands for a pittance."

I think this will have to happen a few times to open investors eyes to the large discounts on offer.