Ann: TKL: Mt Cattlin North JV - exploration program update, page-37

GXY undoubtedly carries out a lot of activities, the scale of which would be material to a company with an MCAP of $20m or less but are simply not material to a company as large as GXY.

Another example is when NTL acquired from NCM the remaining 80% in a gold JV (Rahu) in New Zealand. It was material to NTL (who announced it) but NCM is involved in so many greenfield exploration JVs with juniors that NCM did not announce it. NTL did, and due to the wording mentioning NCM more than 2 or 3 times it was published to the NCM page.

The upshot is that the threshold for what the reasonable person would consider "material" increases with the size of the company.