reserve upgrades alone in the past have done little for the SP...

reserve upgrades alone in the past have done little for the SP and the with native title yet to be signed this would not be factored into the SP. the recent rally has been driven by the expectation that PLV would execute some form of jv/debt/off-take supporting its short and medium strategy. i'm sure the details of the MOU support these but without releasing that information the market is left wondering and the momentum that has been built looks to be waning at present. expectations were set and i don't think the market got what it thought (rightly or wrongly) it would get.

what impact does this have on-going native title discussions - can they come to an acceptable agreement? how do the native title claimants work out what is fair value when we've yet to determine this with the JTC? Will this key de-risking event be delayed until the signing of a binding MOU or jv/debt/off-take agreement? or will this also be a non-binding, subject to and contingent on type of non-agreement?

i'm still on the plv boat though, i thought it would have been a bit more smoother sailing with our direction firmly set on china or japan (let's just call it asia).