Ann: Becoming a substantial holder, page-30

Agree S1 - explorers can be risky.
Explorers are only ever 5 - 7.5% of my holdings with over 90% currently sitting in AUD producers with profitable long term assets. I'd like to gently challenge your assumption explorers are only worth considering as they move to production. I find from experience that can be the most turbulent time for downside of the share price if they miss key metrics promised. The explorer rise in SP comes in stages as they prove up the resource - which then can also become a T/O target giving you another big gain. There can also be disappointments in this of course.
However I am interested in your use of the term "fictional" in relation to the companies you name.
Please share where you think the reports, results or other activities require that term ? Or am I misreading your comments ?

G