The fundies will come into this only once they're mandated,...

The fundies will come into this only once they're mandated, usually at $300M MC (some have a mandate at $100M as you say). That's when you see the real kick in SP. I suspect what we are seeing now is the SP where it should have been over the past 4 months since the CoA. The SP after the CoA was cause from panic selling. Punters took the decision as a loss for AVQ, but in actual fact it was a win with a delay. It knocked out SMM given it couldn't get there with the support of the locals as well as its infringement of the max. licence laws in SI. So it resorted to its only option: legal action, in the hope it would bleed AVQ to death (usually how it works in David and Golliath scenarios). Except AVQ didn't go away, and will shortly take the reigns in SI. The market has realised this so the SP is where it was prior to the CoA decision.

The interesting thing is most recent buyers would have been either individuals or super funds, meaning to receive the 50% CGT exemption they have to hold for 12 months. I don't think DTer's have been in this stock of late, so the only ones selling now you would think are those who bought over a year ago. So I don’t suspect much selling to go on relative to the amount of buying that will happen over the next 12 months. Conclusion, we could be set for a massive SP rise once we are mining both Isabel and San Jorge