all the talk about 2.50 and rights, page-6

Continued conspiracy theories there by the looks.

I prefer to consider stuff that is closer to reality in my opinion.

In the announcement, CDU has stated that they are issuing the shares effectively at $1.89 together with an option with a calculated worth of 61 cents. Could the market be taking this to heart and selling down to the $1.89 number or there abouts?

Most expected that a month after the loan announcement, the documentation would be complete to lock away funding of $100m, as the announcement stated that the expectation was a 14 day period to get the dock done. maybe investors were surprised to see that the dock was most likely going to take another month to get complete. Has that added some concern as the loan is therefore not yet locked away?

Are others planning to follow the lead from Wayne and take up some 11.5% of their entitlement? Maybe that has lowered the market confidence? Its hard to tell as no one had previously put a view on what the take up rate was expected to be.

Has the falling price of copper influenced the current market?

Has the lack of the much discussed DSO sales influenced the market?

Is the market a bit impatient about an expected JORC upgrade?

Is the market in the dark about how much cash is actually needed to get to full production and positive cash-flow?

There are quite a few normal and possible things that normal investors are thinking about when they work out what a current realistic price is.