Shareholders are working off the assumption that there is no...

Shareholders are working off the assumption that there is no mining licence and no resource consent.(has not been stated otherwise) Hence, the low take up of the share offer. Only the punting money is on the table currently.

Once the correct license and consents have been granted, and proper samples with results have been processed then, and only then will the serious investors take a look and fund.

And at that stage of the life cycle of a business you normally see more professional management take over so that the fund managers can invest with confidence.

Because of the immaterial level of funds through the issues the NZX has also let things ride.

So buckle in, and don't worry about Management commentary on here, because they are only creating a rod for their own back down the line.