Ann: Diamond and Aircore Assay Results Received from Mawson, page-65

The way I see it, the fluctuations are purely sentiment-driven and fueled by traders. The fundamentals have not changed. How can further confirmation and consolidation of what Legend has possibly be negative? Perhaps the SP got overheated due to over-excitement and unrealistic expectation to have got it above 20c ... BUT essentially the story is just building IMO.

What has given me (a total layperson) a reasonable understanding of the fundamentals of Legend's discovery is an interview with the Managing Director of another company. It is the geology of the area that defines the Fraser Range and the type of mineralisation that makes it such a valuable proposition for mining. Whilst the grades of Nickel are lower than in other parts of WA and the Norseman area, the mineralisation is:

1. Consistent and Sparsely Distributed making for a Large Scale Volume Resource
2. Has a Crystalline Structure that's Easily Extractable with Low Cash Costs
3. Contains Mineable and Economic Copper Grades
4. Average Price of Nickel is US$1,500 per ton with Potential Upside Swings Yet to Happen

If I had spare cash, I would have topped up this morning because I think the market reacted purely to the grades and not the most important facet of the story. Legend is defining the extent of this already-proven viable resource. Maximum grades to date are up there with that of Nova... economic grades. So long as the sulphides keep turning up Nickel and Copper and not "barren sulphides", I am happy but I am not Mr Market and in this current macro environment, I think volatility has to be an accepted part of the deal unfortunately.

Please don't take my post as any more than just a personal "thought bubble" searching for the "sunny side" of an investment. Hence why I am hell of a lot poorer than I was two years ago.