a please explain, page-3

There's no real mystery about the share price. Just scan the latest balance sheet. Total profit before income tax 2008/9, $35,679,000; the same measure for 2009/10, $4,515,000. How could the share price go up?

The shame is that so many of these small miners suffer dramatic reversals and sail on as if nothing had happened. What loyalty can they expect from the mugs who bankroll them?