Ann: Step out hole extends Gem 140m down plunge to 400m, page-8

Hi I have taken a small position here. The risk-reward calculation seems pretty good. The MC seems very low given the resource already quantified, the grade, supplementary income through copper, and future resource upgrade prospects.

I am seeing three things that might be keeping a lid on the share price:
1. Metallurgy and related process complexity as PB has referred to in his various presentations.
2. Chinese involvement - I cant help but observe how the standard main shareholders list doesn't appear on the "corporate overview" slide and how PB consistently refers to a loan from "the biggest shareholder" without mentioning who that is (please note I make no personal judgement on that but just see it as likely a negative to some).
3. Absence of local consolidation momentum thus denying us a backstop option when the professed development pathway is inflation-ravaged and difficult.

Welcome any comments either for or against what I have said before I decide to commit any further.