Thanks dolphin. And yes, as Happycats points out, at this stage...

Thanks dolphin. And yes, as Happycats points out, at this stage it's probably way too early for big players to be taking any notice.

To get some perspective of where Kidman is, consider the journey a mining company goes through from explorer to developer then producer:

- obtain exploration license & raise initial funds via private equity/IPO etc
- obtain samples, & identify drill targets
- drilling & lab analysis (hopefully resulting in a discovery)
- identify further drill targets
- more drilling ...etc... (raise more capital)
- calculate JORC resource (and this is where takeovers are more likely)
- produce feasibility study (raise more capital and/or loan facilities or JV agreements)
- obtain mining licenses, permits etc etc
- negotiate contracts & offtake agreements etc
- construction of mine & processing plant & infrastructure
- commence mining, production & sales

And this all takes YEARS (not to mention capital requirements along the way). Assuming success with each stage of this long process, the project value increases, the perceived 'risk' of the stock decreases, it attracts a broader investment base, and the share price goes up. The biggest % gains are usually made early on. Most companies never make it very far through the above process, but the ones that do can be life-changers for those who invested early! (take a look at SFR and SLR for example).

Based on the Phase 1 drill results and in view of the 'nearology' of surrounding projects, IMO KDR appears to be well-positioned to make an economic discovery at any one of the NSW targets... but of course any investment at this early stage is based on calculated risk - and I like the fact that some risk is mitigated by 1) a very low market cap to begin with and 2) the rare earths project in the NT which should generate another wave of news flow in the coming months.

All the best to KDR holders and DYOR!