Ann: Quarterly Activities Report, page-253

I agree with your points, other than not being touched by intros/708s etc..

If you look at the data over 6 months, there are some significant interests in the non usual retail broker arena..

Hartleys/Euroz have been selling volume.. but others have been picking it up..

I feel the most significant of reasoning is time based, something most punters tend to forget chasing those returns.. we’ve only been a producer since November, we’ve got one quarter of revenue.. it’s a paradigm shift from exploration only, to doing both exploration and producing..

So the risk profile also changes, as instead of a junior explorer, we’re effectively (and for want of a better description) a junior producer until some more runs are in the board and another quarter or two are under the belt..