Awesome report,Surprised that the market hasnt responded more...

Awesome report,
Surprised that the market hasnt responded more positively to the fact that this is becoming a very succesful mid tier miner with huge exploration and production upside potential yet its going for peanuts,
I think that people are afraid of another capital raising or of borrowing so they are over reacting,
I believe that buyers now have the comfort that some pretty extreme actions have now been priced in and that the announcement of any M&A may actually see a rise in the share price if it's not as extreme as people seem to believe.

"The June quarter also saw Perilya actively participating in the M and A market as opportunities present themselves. Whilst we have participated in tender processes, our strong financial discipline is being applied to ensure opportunities will be positive for existing shareholders."

The directors are fully aware that the share price has ben hammered so much on speculation of over expansion. I think this is a bit of a reassurance that they will not be going for something that would result in a massive dilution or that would put the company into excessive debt.