RNF, I don't believe that there are lots of things in the...

RNF,

I don't believe that there are lots of things in the pipeline ready to flow to the market.

The market doesn't have a handle on expected P&L as there is as yet no DFS. This makes CDU hard to value.

The start of DSO sales is still not clear. These were predicted some 12 months ago when the crusher was going to be complete just ahead of Xmas 2012.

The loan arrangement has not yet been finalised.

The intentions of the UW are not known and there could well be an overhang of shares available to the market.

The fact that CDU is no longer in the index means there will oat likely be less demand for the shares.

Not many existing holders took up the cap raising offer.

The charts look rather gloomy for now.

The full cost of completing the mine development is not known as there is no DFS.

The company announced months back that they were looking to monetise the stockpile. No news on this had been forthcoming.

If shorters are on the move as Max suggests, that won't help the price.