Ann: Expiry of Unlisted Options, page-21

Brave... stupid, naive, clueless, patient... all and more, depending on the day

It's interesting how sentiment in any sector can swing from positive to neg, or vice versa. Just look at Uranium, Lithium, ore, oil etc. Huge highs and lows. Gold in AUD is trading 5-7% lower than all time highs... yet here were are with explorers struggling to raise cash, developers, turn back to exploration because of all the failures (GCY, BLK, MOY, KIN, DCN etc). On the other side, the mid to large caps are wading in cash + hoarding it (but also paying dividends) and are in some cases, beating the big banks and others for yield. Its pretty incredible in some ways, yet here we are.

For me gold is just consolidating before continuing on its long bull run. There are many choices on the ASX to put your money in, yet few have the scale of DEG, but I am always looking at what might be better, if I was not wanting an actual explorer, there are the smaller companies that will likely be bought up by producers to just add ounces in the nearer term. So incredibly cheap to do so considering the high AUD POG. But... they are drilling small scale targets, compared to what DEG has.

I would of course rather be buying DEG for the first time this week, as compared to the the higher price I paid recently, but.. with the extra shares I have bought, I am not diluted, yet DEG has more cash than it did when I bought, more results, and a lower E/V. Nothing amazing to rave about, but... with a bit of contrarianism thrown in, I feel comfortable buying what I can. Far more confident in what I am doing than when the Conglomerate story etc was all everyone talked about.

Perhaps explorers like DEG need to look at every possible model for ensuring shareholders get a good return, what that might be at this moment, its hard to say. The only logical thing they can do with sentiment so low, is to drill drill drill.