NPV of $1.70 per share, page-14

Moneytree, unfortunately, we aren't an island. From discussing with a few of my mates (some of whom are involved with funds/instos, as I used to be, although not in equities), for the most part the macro market fear outweighs any potential opportunity ... for now. It doesn't matter how compelling an opportunity is, the fund/insto can't lose their money if they don't invest. And in an environment when the world's largest miners are struggling, iron ore down 50%+, oil down 50%+, deflation fears still bubbling, it would take a sure thing to attract their interest, and there are no sure things.

Also, bear in mind, that funds, big and small, have a variety of different redemption conditions (i.e. on how and when you can pull your money back out). It would not be a very prudent fund manager who hadn't increased their liquidity over the past 6-12 months (or tried to) to deal with a larger than average quarterly withdrawal from clients. Ask brokers now how hard it is to get their clients to invest in just about anything at the moment. It's like pulling teeth.

The macro conditions are outweighing individual company FA. Just imagine what would have happened to MNS share price if it had released their off-take announcements mid last year? Or if KNL had released their TK LOI mid last year? The difference is the macro conditions, not the individual companies.

Investing in an explorer is a bit of luck. Investing in a development play has much less luck (if you do your homework), but it does involve a lot more time, as it is a long game (2+ years). But it will come good.

Very pleasing to see the German market volume increasing. That's a very significant volume for them. I'll be very interested in what happens over there once TK binding off-take is announced in due course.