Break out happening, page-511

Yes, you're right about the timing for Newcrest. Telfer will need ore and Antipa is a logical supplier, although there are others so I don't think AZY's advantage is very big there. I see the completion of the PFS as a good point to lob a low bid, and you're right about NCM needing some document on which to base an offer.

I don't think new targets in this year's drilling program will have any more impact on the share price than last year's, so I have a different view to you in terms of the horse bolting. As we've seen, a series of very good and often excellent results in existing and new discoveries, has led to the share price dropping 50% in six months. So I think any substantial gains in the share price would have to be far in excess of what has already been delivered. How many 250% increases in gold reserves can a company announce? We've already seen many comments and data about Havieron lookalikes on AZY land, to no effect. I think any substantial and sustained move in the share price will only come from a takeover now, not organically.