My thoughts a while back were that EXM would need to have a good...

My thoughts a while back were that EXM would need to have a good JORC announcement and for the sentiment to change for the better in the gold sector to lift the price up to fair value.

The first has happened. I am very happy with the resource that has been estimated from this maiden JORC upgrade. It was released on an extremely bad day for the market to take it on in a serious way, but at least it's off its lows and turned around. Now we are seeing signs of a change in the gold sector. The POG is starting to rise, (in USD terms, very important) and the first to show the effect of gold stocks rising is the producers, all the gold producers on my ASX watchlist are up today except Beaconsfield. It will take a bigger change in sentiment for the junior explorers with good resources to feel the flow on, but assuming that we are entering a more positive phase for gold the flow on effect will eventually take place.

EXM is well situated now with a high grade resource of 1.2 million ounces (10 g/t). It's only a matter of time before our rerating. Now, if we have some more good news, say a positive announcement regarding the JV, or investors taking interest from the roadshow, then we could see a decent jump again.