I also entered WA1 after looking at other nearby companies, all comparing how they 'might' have a similar target to Luni. Took one look at the Mcap at the time in September last year and wondered why bother with the hopefuls, when the major find is so cheap, so I bought here instead.
All the talk of others hopefuls, people should remember that they could have bought here at 23c on open AFTER discovery. That's a 70 bagger (so far) by buying AFTER the discovery announcement (though it was P2 not Luni).
The point I'm trying to make is that there are hundreds of wannabees with good ground, yet in every circumstance I can think of the big money was made after the discovery announcement. Sirius, was 5c pre-discovery, went to 18-28c on day of discovery, up to $5 a year later, Sandfire did a similar thing. Pilbara was 3-4c when they knew about spodumene in Pilgangoora, had plenty of assays, then went to over $5 last year.
To me it appears much better to read all the announcements of the wannabees while holding the cash, then buy after the initial discovery announcement, like Chalice from cents to $10, De Grey etc as other examples or Azure.
Of course there are sharks out there and quite a few companies have made 'Discovery' announcements when the results were very, very average St George a great example of this, others have made an encouraging discovery, proved up a decent resource, but done nothing Podium being an example of this.
It's the companies with outstanding resources that go on to great heights, well above average grades and size in particular. Sandfire had 4%+ copper, an outstanding grade hole after hole, while Rex Minerals had very average grades and still plods along looking for funding, likewise for Caravel. Caravel has 5 times the resource of Sandfire's Degrussa but low grade. Grade is king, providing it's not a few veins and very low resource (SGQ classic example of this with their nickel).
We have grade and size, as good a grade as Araxa, just not as much, however we do have many years worth so it will be developed, because of the extremely profitable high grade. Remote location is not an issue if we have the grade and size. We have it here in spades.
I'll watch and wait for the others, they might hit something big and/or fantastic grade of something, then I'll look to grab some. Odds are most will drill dirt, so I wont miss out as they go penny dreadful...
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