Estimates of FY Underlying Profit, page-4

Not sure whether you consider the opportunity costs of your investment or not - I do, may explain our different sentiments despite both being shareholders in this.

I have been in this for 3 years now, with the share price almost back to where I first bought into this (though I since accumulated more along the way).

Yes you are correct (and I agree with you) that:

• This has been SXY's strategy
• That they have been working on this strategy for 4 years

What causes the difference in opinion lies in the second point.

4 years is an extremely long time, and you know as much as I do that SXY promised to start the next phase of drilling in 2018. So the 4 year strategy (which we are currently still waiting on them to deliver on, has still not come to fruition, though we should have already been reaping the rewards).

The difference to me of this lost 18 months is very significant. Had I have known SXY would not deliver their guidance, I would have invested elsewhere (in COE) and would be miles ahead. So the opportunity cost is not just SXY's failure (which cost us all) but what I could have made if I had invested elsewhere in COE - hence my comparisons.

If you don't consider opportunity cost, then you could still be here in 10 years waiting for ID to start drilling and deliver the strategy.

I'm not sure how else to explain this if you still don't understand my viewpoint.

Next "deadline" is end of May. Will ID deliver. If not, how much credibility do any of those timelines have from the Presentation. Another 18 month lag?