Our market cap is primarily down to the fact that the market saw...

Our market cap is primarily down to the fact that the market saw us as an IO play and when things fell out of the IO, the market skedaddled along with it.

With the same maligned management, we would be well above .20 right now if IO was getting shipped at profit.

Should they have also been drilling Kulin, GGN and Mt Lindsay earlier this year (while progressing Riley as fast as possible)? Maybe. But then if there were delays on Riley due to resources being diverted to those other projects, everyone would have screamed bloody murder about how long it was taking. I think management were right to focus their (limited) resources on Riley while it looked like a good thing (the market agreed as we shot up to .16). We were just unfortunate that things eventuated as they did with IO, shipping prices, and discount rates.

Sometimes (perhaps always), it's better to be lucky than good.