Nice post @cobalt play. And I definitely agree with Traders...

Nice post @cobalt play. And I definitely agree with Traders controlling the play ATM.

And much can be interpreted from a set of accounts folks. And markets and traders often react and respond rather ' Coy ' to anticipated and / or projected future capital raising's.

So we know at the end of the half-year the Group had a net cash balance of $3,755,526 and it will be very interesting to evaluate the changes and movements as well as how the markets receive the soon to be released quarterlies.

I don't think we can underestimate the importance or this fact and it has obviously become clear that the market is pricing this in at the present moment. Below is an extract from the Half Year Accounts which supports my view.

' The Group will require further funding in order to continue its exploration plans and meet planned ongoing costs of the business. The Group intends to fund further exploration with new equity issues or via the joint venture or divestment of the Group’s remaining iron ore assets. The Directors believe that the Group will be able to secure funding sufficient to meet requirements to continue as a going concern due to the following: '

• The Group has successfully raised equity capital in the past and raised $2.65 million in a share placement and $2.32 million from the exercise of listed options during the period;

• Commodity prices relevant to all of the Company’s main projects (nickel, copper and iron ore) have improved over the course of the last 12 months, making raising equity for future exploration more appealing to investors; and

• The Group has an ongoing value realization process in place in respect to its remaining iron ore assets and is engaged in preliminary discussions with potential customers for the high grade Jambreiro product as well as potential joint venture funding partners for the Jambreiro development capital.

Other factors which I feel are applying the handbrake on further SP appreciation at this juncture are as follows :- Note that these two points can be slanted towards either of a positive or indeed a more negative perspective and in regards to the first point , I would definitely ask the question if negative - why would we have spent valuable time and resources completing a 5,000 metre RC drill program. And of course in regards to point 2. below. The sooner this issue as to environmental access and permitting can be brought to a complete conclusion , the Market is definitely going to reserve it's judgement in continuing to ' Cap ' the SP's further appreciation.

• The Itapitanga Project is located primarily on farm land,

• The initial ICMBio decision on the Company’s drilling licence application has no impact on the ownership of the Salobo West tenements. subject to receipt of a drilling and clearing license from ICMBio, the Company will be able to commence ground disturbing activities on the project area.

In the meantime folks, I am more than happy to hold and accumulate my position from these levels as I believe we are extremely close to a number of positive announcements regarding ALL of the above issues.....