Ann: Robust PFS Completed for Windarra Gold Tailings Project, page-24

My pleasure.

My take on why the market has given zero weighting (uplift) to yesterday's announcement most likely relates to the (not unfounded) concern that the AUD PoG may have seen its top already and that yesterday's announcement was just a manifestation of just how tenuous marginal gold projects are at the best of times (i.e. they get announced with genuine intent, but at a point in the cycle in which the underlying commodity has little to no more price appreciation left to give to ensure the project ever gets off the ground - in the near term, anyway).

I do worry that mid-May might have been the top for AUD Gold, but there are several macro reasons to suggest that there's a couple more years to go, or not. The funny thing about "climbing the wall of worry" in a strongly bullish uptrend (a tautology, I know) is that the RHS of a price chart, which is where all the current price discovery is plotted, can look pretty scary... until the passage of time goes by and higher highs are plotted, making the current highs looks relatively mundane. Welcome to the resources casino.

One thing I think most will agree on is that the PoG (in AUD terms) has been on a long-term bullish trend since breaking out of its ~25-year broad sideways churn in late-2005. There's a decent enough chance that it may pull back in the near/mid-term just enough to stymie our reasonably short-term (3yr) aspirations, but (so far) there's little to suggest that the v.long-term trend has broken down. Long-term undisciplined effective global money supply growth will do that...