Ann: $9.2M Citadel Project 2020 Exploration Programme, page-92

The price movement and volumes this past few weeks suggests to me ( and others) there is a serious accumulator at work. The pulses of volume buying, hoovering up everything to a few pips up, followed by a few days of more normal volume with the share price drifting back has all the hallmarks of accumulation strategy by an entity. I cant see it being NCM as a jv partner, as by now they would have had to register a change in substantial holding given there already substantial shareholding position. RIO as the other jv partner is a possibility. Whoever it is, if this is accumulation by a single entity, given the volumes, I would think they are appreciably well on the way to the point a substantial shareholder notice will have to be lodged.