It really never ceases to amaze me how inefficient the market...

It really never ceases to amaze me how inefficient the market is. And how badly equities are price. The old bunkum of efficient markets moving towards equilibrium, and participants being rational and well-informed - well, it is just so patently wrong that I am amazed anyone still believes in it. Markets just simply bounce from one mistake to another!

In regards to HGO:

We have had the 40 cent placement/SPP, and the market correction. The discounted placement is now over. Copper dropped from US$3.50/lb to under US$2.90/lb, and now it is recovering well to US$3.35 (as is the economic recovery in the US).

And where is the market? Still dusting itself of from its last scare. And still mispricing equities, as it always does.

It may take some news now to move HGO price. Just 'value' by itself doesn't move prices. Unfortunately, the market is not going to have a collective moment of realisation, and say, "oh yeah, HGO IS ridiculously cheap in relation to its assets, and the fundamentals underpinning metal prices are strong and improving".

Oh well. There is a love/hate relationship with the market. We love it for the buy opportunities is throws out (in its infinite wisdom); and yet we hate having to wait for the market to catch up with what HGO holders have known for while - HGO is trading at silly prices.

Y


MCAP (fully diluted): $199m

- $127m in cash
- One mid-tier mine, and P&E, worth at least $150m. (production in 12 months)
- High impact Indonesian prospects, previously explored by majors.
- potentially large ESG top-up clause
- SWN holdings
- ITT
- other smaller holdings

minus, a $23m tax bill (less offsets).