Hot Curry, page-37

Everything is strategic if you are paranoid and think everyone is out to "get" you, but in this case we are talking about different companies each with their own individual and unique exploration tenements. There is the issue about what amount of exploration is "traditional" and not a secret vs the intellectual property of say some unique geophysical method or say a unique geochemical signature for certain deposits. The large "secretive" explorers like RIO and say BHP have also been spectacular and expensive failures in their track record of exploration success (with a few exceptions) wheras juniors and small explorers have punched above their weight with their limited resources. There would be many reasons for this but the main one would be that the BHP or RIO accountants have set such ridiculously high bars for what defines exploration "success" that there are only a limited number of possible Tier 1 world class ore bodies left in the exploration sphere that arent buried under 1-2km of rock or in jurisdictions where you can get your head blown off.

I actually agree with your comments about what is and isn't material to different companies, obviously the drill results from Trump are material to AMG, and I always find it amusing that companies ike BHP or RIO disclose every single price target made about them by some two bit blogger or broker as worthy of an announcement to the ASX ut a discovery like Oak Dam or Winu somehow isn't material to the share price of a large mining company like BHP or RIO. Its a weird anomaly that I have never fully been comfortable with.

For this reason I think it would be good that with major miners having run down and outsourced their exploration expertise and effort to juniours in JVs with smaller ASX companies that something may not be "material" for the giants but sure are for the smaller companies.

Short of mandating that all majors have to form JVs with juniors, which is probably unrealistic, there might have to be some other regulatory way to make the exploration results of the majors more transparent and timely, possibly even through mandatory annual exploration reports to state regulators becoming open file data so that way junior companies and investors can access the data at least. The trouble with making rules like this is that people always game the system and reorganize their businesses to avoid more stringent reporting requirements.

I still reckon past and present AMG management haven't drilled, reported or stuck to their own timelines like experienced well seasoned professionals (even though they do hold some decent ground). Or even as well as other ASX listed explorers around the traps, and the share price seems to show that.