Chart, page-205

You have been a pretty big advocate of new energy stocks so I find this attitude surprising from you.

I think if you look around the ASX, of the 3 producing stocks GXY is flat and NMT and ORE are both in the red over the past 12-14 months

Of the newcomers PLS and AJM are both pretty much flat as well over that period.

Now without getting into a debate about timings etc etc all 5 should be producing by say late q3 next year at worst.

I personally do not subscribe to the fact that there will be oversupply. Your mate Joe has flat out said MIN DSO flooding market is a furphy. @airconditioner post yesterday was one of the best I have seen from him (not that I read them all) and I couldn't help but agree with his point of view.

So in saying this do you not believe there is a point in time cold hard cash revenue will have to outweigh sentiment? You can't have GXY trading at 600-650m MC making 100m profits and with at least 1 world class asset waiting to be developed forever? Either the market has to re-rate accordingly or it will be eaten by a major. And I think TO talk is overhyped on HC so my guess is stock price eventually is re-rated.