Ann: Quarterly Activities and Cash Flow Reports, page-10

The SP performance of the entire sector has been more than disappointing in recent months (e.g. also for CNB and other explorers). It is not an isolated HMX issue.

I remain realistically optimistic.

Results from the SMMO JV are in the pipeline. I expect drilling to commence at Yandal in the next 2 weeks and plans for further drilling at Mt. Isa are probably well advanced. I expect an update in these 3 contexts before mid-February.

RIU conference is also mid-February. Even if Dan only has 10 minutes for a presentation, I'm sure he will a) use the time and b) be able to "drum up some interest" around the HMX story.

CR will certainly come - the question is also what SP level. I'm keeping an eye on the SP - should there be another pronounced phase of weakness (I'm thinking of an SP of 3 cents or lower - which I would regard as an absolutely ridiculous development), then I would probably have to buy again.

We should take a few steps back and look at the overall picture. For all the disappointment regarding the SP, the fact is that there are at least a handful of potential catalysts that could move the SP in a completely different direction.

I'm not even thinking about a possible breakout of the copper price above the USD/lb 4.00 mark - currently around 3.92 (watch out 3.95 - minor resistance and 4.02/4.05 - major resistance - for a runt towards 4.20/4.30 - an PS. I think the price will never come back again - at least not in the next 10 years.

DYOR