Ann: HMX Executes JV Agreement with SMMO at Bullrush IOCG Project, page-5

Aussie, you hit the nail on the head. As also Geofiji pointed out a few weeks ago, it's an interesting strategy that the HMX team is now pursuing. The "running out of cash" risk has effectively been eliminated for years and with it the risk of further dilution.

The fact that HMX managed to make Bullrush tasty to Sumitomo speaks for itself (in my opinion, this indicates SMM's interest in a long-term partnership - which would not be unusual for the Japanese and their mentality).

I also find it exciting that they got South32 on board for Mt Isa Valley. All deals with - in my view - a very solid risk/reward profile. Not to mention the CNB deal.

The other exploration activities are progressing - with caution and system.

Can anyone name me an explorer who had similar "successes" to report YTD?

So far, none of this has been reflected in the SP and I think it will be a while before that is the case. Ultimately, we need tangible results for a re-rating. Nevertheless, I remain very positive and would exploit phases of weakness with further purchases. For me, the currently disappointing SP is just a background noise that I don't pay too much attention to (anymore).

Sooner or later this strategy will pay off (the one of HMX and also mine....)

I also find Dan's comment interesting. I continue to think that many underestimate this man's abilities.