perspective, page-3

As we all know, sentiment is often roughly right, but factors can come together to produce sentiment that acts irrationally on price. I remember how NQM remained undervalued for a long time. People just would not give due weighting to its high grade (but narrow) vein prospects and the ability of their team.

CRK does have a large resource, but definitions are vital with a resource making zero assertion about its economic mineability. It did seem vital for them to just keep on drilling an ever bigger resource. This was never said at the time, but presumably they needed the economies of scale to kick in for viability.

Lindsay is going to be mined first because it has had the most drilling and is the most advanced. I think the shallow stuff has to be mineable, but they kept on drilling deeper (300m). I'm not sure what their definition of "near surface" was. Much less confident about that part of the resource and what level of processing is necessary. Suspect that mining much of Lindsay was marginal, but that the high gold price has to make one HUGE difference. This fits the unappreciated situation I look for.

I believe John chose the smaller Kurnalpi (mainly Brilliant) to drill first, because it's relatively high grade and offers some size upside. I suspect the metallurgy might be simpler and will be mighty surprised if a nice chunk doesn't become reserves.

We think along the same lines. You and I have an appreciation of John's abilities, but to the bulk of holders here it must just feel like yet more money is going on yet more dam infill holes. I think they're drilling 24/7. It has to be done to get the value out of all the previous drilling. It's just not an activity where it's possible for the new team to display any canny ability and rapidly change sentiment.

There are some price drivers coming up that may help. I'm unfortunately prone to catching the knife some distance off the ground, especially when it fits my investment definition of a "when" not "if" proposition. Might pay to keep a little powder dry though.