Been holding for quite a while but mostly don't post cos not...

Been holding for quite a while but mostly don't post cos not much to post about (not that I mean that in a negative way). They have increased resource to 3Moz and I would expect that DFS will lift reserve to 2Moz. That is more than enough to commence development. More drilling now is spending cash when we are cash poor. It doesn't make a lot of sense IMO.

DFS taking time, I have found in my time in markets these things nearly always end up late. Companies get stuck in promoting aggressive timelines to keep people interested but then being hard pressed to deliver IMO.

There have been some unfortunate events with directors leaving etc and caused a lot of supply on top of the general malaise towards the sector. There are a number of developers trading below 10% of spot price NAV. Timing is always an unknown and cheap can get cheaper but the sector is undervalued as a whole IMO.

AUC one of few developments left in Australia with scale. The recent closure of a number of mines in WA (Nickel mostly) should help with labour markets and might help with costs whilst gold is climbing. Margins should look healthy and banks will get interested again in lending money. Even if it is just to take their pound of flesh on hedgebooks.