Ann: De Grey adds 9kms of highly prospective Tabba Tabba Thrust-DEG.AX, page-45

Like others I am thinking the post-DFS share price action might be an opportunity to top up as some people poop their pants if the capital costs have gotten bigger (which they probably will), and or any downside surprises from the Met studies on recoveries.

Will finally give any potential JV partners or predators a more realistic look at the numbers of the project and will help guide them as to how much they want to pay, if they want to lob in an opportunistic bid or even make a formal JV approach. The only fly in the ointment is the 19.9% GOR which is a bit of a blocking stake or a show-stopper for anyone who is not GOR to make a move.

I'm thinking the range-bound trading over the last year is the market saying that they cannot see a way of DEG funding this and the GOR 19.9% stake is esentially blocking any upside price DEG share price discovery or competitive tension of potential acquirers to acquire Hemi, but the market can't discount the ounces in the ground too much because then an opportunistic offer will come out of the woodwork.

Goes back to the age-old quandary of going into debt to borrow the money to build it (and giving away some of the upside to bankers and finance) or whether they think they can go down the capital raise path with the huge dilution required, but maybe still more in control of their own destiny more that the debt path?

If Barrick are ever serious about returning to Australia, and if the AUD continues to slump - this is the obvious play for them here, a massive long life asset that a lot of other investors will be scared of due to its refractory nature. But I'm not sold on how serious Barrick is on Australia again, I don't think even Barrick know sometimes....