John Kaiser - December 22, 2017 OUCH, page-3

I suspect QH and JK are collaborating to "let the air out of the tyres" of this project. Not for reasons that a) it's a disappointment (QH et al are still very excited about and their actions speak louder than their words) or b) some conspiratorial corporate M&A manoeuvring. Rather, most likely option C, that they need to buy more time (like 12-18 months) to work things out and without the distractions of a hyped or mania type of share price action. To me, it's like a controlled burn to manage bushfire risk.

JK's summing up of this situation towards the end of the podcast shouldn't be dismissed as window dressing or a bet each way. Company valuations will have to equilibrate at some point, and the last month or so is probably just the first volatile steps in this process. MC's of ARV and DEG could eventually rise above , or at least approach, Novo's???

The comment about dilution of the high grade gold vein with overburden, because it is too narrow and 15g/t is really 5 g/t is way too premature and mere speculation. This can't be determined until the 20K tonne bulk sample is done. There probably will be some oberburden dilution, but really JK, why speculate with numbers like that? OK it's an illustration - I buy that. However, this sort of speculation is as wildly bearish as speculating that this could be 20 Billion Ounces, is wildly bullish. JK's good analysis shouldn't be ignored, however, he seems prone to hyperbolic speculation (with unnecessary numbers) and I have to agree somewhat with Bob Moriaty "it's irresponsible".

Somewhere in the middle of 20Billion ounces and an uneconomic deposit, the truth lies. I'm not really a big fan of BM usually. However, I think his analysis has been very good on the Pilbara conglomerate story! Merry Xmas everyone, except the Trolls (OK , even you trolls have a good one).