Ann: West Arunta Project - Luni MRE, page-281

This is well said. I think the majority of discoveries that get to MRE stage face the lassonde curve as they enter the next phase of waiting to see what the SS, PFS and DFS look like. Then they need to work out how to finance and start development. Investors will typically jump off during this phase.

Genuine Tier 1 discoveries (SIR, DEG, AZS) tend to buck the trend as there is more certainty around the outcome.

Luni will be a mine whether by WA1 or someone else. The market knows now this will happen so the outcome is a little more certain. They are also still drilling and we will have MRE updated end of the year and the possible extension of the body in the south west, all of which will keep investor appetite alive.

There is also the real possibility that Luni gets taken out at which point in time market interest will remain high.. I would assume any of the majors with some interest here will be doing their numbers as we speak.

lets see...