Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-99

Tornado has it about right, what was being said and what was done. HCH management and the grade are/were the downfall. By way of comparison I owned Sandfire at roughly the same time and both grade and management could not be more different to HCH, thank goodness as it offset my HCH loses . Karl Simich was the driver and we all know the story of how they nearly went bankrupt and were down to their last drilling machine. They were so different as HCH drill and dilute and fund raise. SFR through Karl's dogged determination was only interested in getting to mine, and yes they had much better grades but they were still deep in clusters, and only really raised funds to get the mine done, and ahead of time if I remember correct.
CE bulled up Productura and where is that now? History can repeat itself and the grades, quite simply if they were good enough BHP and the likes are keen buyers of quality head grades, but when you are having to add Cu equivalents to try and improve the overall Cu grade, and I do not see really any difference to the grade from Productura and the "new" deposits.
My view is that CE keeps drilling to hopefully find the mother grade that would get other mining companies to fund the mine, and no his door is not open, as soon as you ask tough questions he never returns the calls, so OGF is correct. This is an exploration co and you have to take the risks associated, yes it may turn up the mother grade tomorrow, but then you may also win the lotto tomorrow.
It makes me laugh when people talk about the current move in copper, HCH is years away, decades if you look at history repeating itself re the old HCH power points. Todays Cu price has no effect on HCH share price atm until they have proven resources. Good luck to holders, I did not have any, and Agent Cooper makes a compelling observation, 40% costs not associated to exploring.