Ann: Phils Hill Drilling Update, page-264

probably also due to the time frame. in the ann DEV said that the next step will take several months, so maybe no short-term catalyst, hence the selling despite good long-term potential? we are indeed different as we would have a major catalyst (DD results) within one's reach (at least this is our expectation). but I agree - we are quite a gamble with risks - if the drilling does not look very promising we can all look at MAN and CPN etc. for the market's short term reactions. which does not mean that the long-term perspective is not positive. the Julimar PGE province hypothesis ala Norilsk / Bushveld is still on the table. and recently even more explorers entered the field in that region. moreover, PGEs are green metals and thus the future.