chart, page-25

FNT basically went to the 40s (ridiculous MC for what we were) on the basis of the IP survey, day traders and hype. IMO Bulago and Ok tedi were already factored in prior to feb. what we are seeing now is the hype (possibility of high grades) coming off and the market realistically pricing fnt for what it is, an explorer. $40m market cap is still decent for an explorer and that really is all we are atm.

I agree the market and much more knowledgeable people than ourselves have not been totally impressed with the first round of results. No point arguing that as it is made evident by the SP. However, if it was way off the mark I think you would see our MC go below $30m. I also have no doubt that FNT is at the top of a lot of watchlists for pending results.

And as easily as the SP has faded on the hopes of 1g+/tonne over 500ms. And lets be honest, Peter likening it to Lihir in every ann before a hole was drilled did us no favours. Dont get me wrong FNTs anns are some of the best out there. I think the SPP can gradually improve once we get a lot more 100m+ intercepts of between .5g and 1g. I just wish I could really put these in the bottom draw and not look everyday, save a lot of F9ing at work.