North Americans equate all of Pilbara as being a conglomerate...

North Americans equate all of Pilbara as being a conglomerate play and that Novo is the only player. They have no real concepts about the extent of the Pilbara or the prospective environment for mining anything other than conglomerate gold. Analysts can only work with diamond drilled cores obtained from hard rock. They can't model anything else and haven't realised that there are companies in the Pilbara that may have conglomerate, but don't need a single ounce of conglomerate gold to build a successful mine. For the stock price of DEG having any conglomerate is a curse, not a benefit. In the long run however, it will be recognised as a cheap source of additional ounces even if they can't be accurately measured in advance.