Ann: Exploration Update on Initial Drilling at Durnings South, page-28

One of their 'discoveries' was the SEDEX which you were trying to value at one stage but nobody got back to you.

This is what google says:

"The economic value of a sedimentary exhalative (SEDEX) deposit depends on the relative abundance of its minerals, particularly galena and sphalerite. Other factors that can contribute to the economic significance of a SEDEX deposit include the presence of other sulfides, such as pyrite and chalcopyrite.

SEDEX deposits are a major source of minerals, including:

• Lead and zinc: The most important source of these minerals
• Copper, gold, and silver: Can be present in variable amounts depending on the deposit sub-type

SEDEX deposits are formed when hydrothermal fluids enter a water reservoir, such as an ocean, and precipitate minerals. They are typically finely layered massive sulfides interbedded with shale, siltstone, or sandstone. "

We're all entitled to our opinion but my 2 Bob's worth is that the campaigns have been calculated, methodical and cost-effectively managed. The Royalty is being used judiciously and since my entrance they've picked up 2 further properties at Gawler and Yarindury both of which could be anything.

I've seen both exuberant and sobering announcements from them and don't believe they ascribe a value to any artificial pump. The resource discovered will do its own talking.