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Nice one Retrac. You got in ahead of me then. I tried to buy some more, but left it too late and the seller had finished. But I already have a significant holding so I don't mind.

The way I look at it the downside is that Conto decide not to proceed to the second stage. Then they would have spent $450,000 and have $3.2m left, or about 11.5c per share. So downside is perhaps 10c per share.

Upside is that Contro spend all the cash or drilling to prove up 200,000 tonnes of contained copper and also issue another 30 million shares (to go to stage 3 and acquire the whole project). What would such a resource be worth? If you think $30m is reasonable then that gives a share price of 50c per share.

I would be interested what others think 200,000 tonnes contained copper is worth at 2% CuEq grade, which is what they are aiming for with the $3m spend on drilling.

Good luck all and Happy Australia Day (from Weihai, China).