Ann: Bauxite Hills Definitive Feasibility Study for 2Mtpa, page-10

'So many on the register are under water big time so they're reluctant to sell and realise a loss'

Not sure about that, besides the 2-3 months spike in the middle of the year MMI SP was lower then where we are now.

'but in the meantime unbeknown to many they will be further diluted if they do not participate in future SPP or rights issues.'

Yes there is a very slight chance of another SPP - $6.5mil still in the bank as of 01.10.15 with a qrtly burn of approx $1.5mil, looking pretty good IMO, but if MMI doesn't get Section 31D settlement with the LandOwners we don't need to worry about any further SPP as our SP will tank and we'll move on, but if we get the settlement I'm looking forward to participate in the next SPP especially if JV with Gulf Aluminia comes to fruition.

'Everything looks great on paper, very rarely does it pan out as per DFS/BFS especially coming from a small cap explorer.'

Unfortunately this is correct 95% of the time, and a timely reminder to all the lovely HC readers, especially those new to the game;

"Only bet what you can afford to loose"