Ann: NEW WORLD ENTERS INTO A$185M SCHEME WITH CENTRAL ASIA METALS, page-118

This is very true.

The ASX has become a trap for any investor who puts in the time to sift through all the possible copper or other metal explorers to find a worthwhile project. I did think that NWC might be an exception because of it's high grades and poly metalic nature and that it appeared to be profitable even at modest or lower copper prices. After doing due diligence I was optimistic that I was on the right track and the earlier assay grades as Antler was drilled reinforced my view. However, the ASX has been unforgiving in beating the share price down, especially since NWC stopped drilling at Antler. This resulted in the enormous dilution at low raising prices as indicated in the Lassonde Curve leading to this very poor outcome.

RXM was another example of a poor outcome for holders although at those copper grades I resisted investing in it. The OZL outcome was also somewhat disappointing for holders but probably closer to fair value than here. I will be very reluctant to invest in another copper or poly metalic play on the ASX unless it is well funded from the outset. I am considering FFM because it is well cashed up but I will be patient and take a wait and see approach. Had I done that with NWC then getting in at around 2cps would have resulted in a decent gain but still not the multi bagger I had expected.

Investing in explorers in the ASX has to be treated with a lot of caution and especially patience IMO.