analytical the equation is not that simple. Based on the...

analytical the equation is not that simple.

Based on the valuation HAWs portion was $69mil from memory. The resource did then triple but some of this "potential upgrade" was accounted for in the original evaluation. It applied a 40% or 0.4 co-efficient for the probability that the resource would be increased to the target resource of 1.5 - 2bt and that it would be of such high grade as hoped.

Well the results as we are aware were better than anyone had hoped. We already have our target resource with phase 3 drilling yet to be completed. What we end up with will be more than the original target. Metalurgical results were also great!

Worth going back and looking at how they evaluated the resource and apply it with the new known quantities. I did a rough evaluation at about $150mil for HAWs portion. (making some assumptions) Still a hell of a lot higher than the market cap!

On the last few days i think what we have seen is alot of the dead wood get sold off. Long term holders waiting for a good spot to bail may have taken the last 3 days as an opportunity to do so. As would have many making a quick profit from the SPP. Im not going to criticise them. Taking a profit is never a bad outcome. Now we have more tightly held stock on an uptrend of high volume. Looks good.