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I wonder why some people think that the share price at any one moment in time means anything about the business. Or why they attribute meaning based on movements up and down within a short period.

AJX operates in a market that is not typically regarded as sexy by Australians. It is also not yet of a size that is noticed by other than savvy investors with an eye to potential or traders with an eye to a quick buck.

Well guess which ones are busy selling. Should one assume they are actually judging the value of potential of the business? I think not. Rather they are noticing patterns and taking advantage of them for the sake of returns that keep bread on the table. The rest of us prefer something a little tastier.

Of course had we been a mining company at the time when speculation clouded the market things might have been very different.

Let's look at what happened with Australia's largest gold company. They paid over the top for Lihir, and that was discussed at the time, but people jumped on attracted by the potential of what was actually a mine riddled with problems. Sulphur and salt - terrific for machinery huh. A workforce where labour ratios made no sense. Did it matter? Not for ages. The reality is the top price reflected the hopes and dreams of gold not yet dug up. It took no account of the reality of the business or its team. It responded to the hype of a CEO later sacked by Orica. At some point confidence ebbed away. First at institutional level. Then gold prices dropped just to top it off. The ones who really got hit were those who hung in ignoring the fact that Newcrest actually hadn't hit projections for years. So the price finally caught up with the reality.

As we've said many times only time we'll tell whether the updates we are getting and the revenue that is being tipped are as brilliant as we think. But I don't think for one moment what we are hearing is a hoax. And I certainly don't think we are dealing with the vagaries of a gold company. Instead we have chemical gold. A far better proposition in my view