My sense is that confidence took a terrible knock with that...

My sense is that confidence took a terrible knock with that rapid fall in gold and copper the other week. Certainly the life has seeped out of many explorers since then. Maybe folks thought both were a one-way bet and suddenly realised...... not so much....

There is a presentation out by LRT today which has some pretty compelling charts showing the disconnect between share prices and the prices of the underlying commodities. That has been true for a while of course and will no doubt remain so until investors are happy that developments can be estimated, financed and delivered without project costs and subsequent operational costs gobbling up the theoretical margin. Or until the complete absence of new projects drives the commodity prices to a whole new plateau.

ALK is of course a producer but perhaps one of the downsides of Boda/Kaiser is the perception that the company is a marginal development with a wee producing mine attached rather than the other way around. Sounds like flaky logic that most intelligent people should see through but I have gradually learned to lower my estimation of what moves the crowd.

FWIW I was back in today.

BTW Nic does have to work on the consistency of his delivery. He often has what clinicians call a "flat affect" while on other occasions he either takes happy bills or is just feeling more ebullient, and this results in a much more natural, honest and authentic story.