Gorner, I agree. SP will only rock up at or just prior to key...

Gorner, I agree. SP will only rock up at or just prior to key project junctures. Hence my comments re risk for little reward meanwhile.

The Wild Card here especially as they dilute is the potential for a T/O as you point out.

I may miss out on a great gain if that happens, and I accept that that is my risk to take. Mind you, it seems nearly all companys have enough on their own plates at present and market uncertainty seems to be driving down the frequency of acquisition activity. We can all agree that there are a lot of great projects out there at present owned by players with a v low market cap

As in my own personal sentiment, perhaps the sharks will only circle AFR when licencing is imminent and they have a BFS at hand to justify their moves.