piyush,
There has been a lot of hype this time, as there was last time. Perhaps the market is being more cautious this time around. Agree that it could be any of your scenarios, however, from my readings on this, the Mauritania exploration success has been factored into Hardman's share price. Further upside rest with the completion of the drilling program and the development of the field.
This is a highly speculative share and caution is needed.
HDR
hardman resources limited
