Where do I start with this.Firstly, I was responding to your...

Where do I start with this.

Firstly, I was responding to your comment that "A lot of brokers are calculating approximate resources for stocks like Azure and Wildcat, so while they may be “pre-resource” they are not really". That's like real estate agents issuing building and pest inspections.

You've misrepresented me: I didn't say that majors wouldn't be using their own teams (or independent consultants) to review the data. They would be crawling all over the data room, I know that.

Contrary to your point, the data is not of a sufficient level of confidence to call it a "Resource"; the very reason for the JORC Code. So the company is taking a measured risk, hoping that the mineralisation is relatively consistent between drill holes and the mineralogy and metallurgy is sound. Bearing in mind that spoduemene is not as contiguous as bulks like iron or, so the risk is elevated.

I think you might be underestimating the level of risk these big players are willing to take, and the emotion versus science behind the bid. You don't need to go far to see Albemarle's sudden about face in 3 months from A$6.6Bn LTR bid to selling their shares at a fraction of this.