leverage through exploration and pog, page-144

Allday,
Agree with the general comments of Chuk and Petey about your question. Insto's won't be buying ABU at the moment as there is still not a clear path forward to gold revenue, with some significant hurdles to cross...however I expect they are watching.

As I have stated before, my opinion is that ABU should be fully focussed on OP production and not significantly on other targets.

I see a two stage re-rating process, based on the major items below - some from your list Allday, some I've added.

A MINING PERMIT
AN INCREASE IN THE RESOURCE
BUILDING A RESERVE
A TIME LINE TO PRODUCTION
A LIFE OF MINE PLAN >5 YEARS
ABU POURING THE FIRST BAR OF GOLD
----------------------
ABU POURING >100KOZ PA
MARKET CAP TO INCREASE
ASX300/ASX200 ENTRY

I still see a higher degree of risk than Chuk does, mostly to do with timing of path critical items. ie. I agree a mining lease is fairly low risk, however what about the timing to get it? (2 months, 6 months, 1 year, 2 years).

I personally think August will be a good month for ABU. I expect strong interest around Diggers & Dealers (6-8 August). This started last year's run.

Being an explorer, ABU needs a constant stream of new announcements to get it moving.

In regards to FML, they are a high cost low margin producer, so any gold price drop is costly to them. They have had a great run off the back of their recent Resources & Energy Symposium presentation, based on a very decent production profile (175koz+) and commitment to cost reduction. Purely gold price related after a good run.