Whilst I understand that 1 in 100 exploration plays ever make it...

Whilst I understand that 1 in 100 exploration plays ever make it too mining, the fact of the matter is the Anns have to be relevant. With exploration companies they explore and ultimately the drill bit either fails or is a success. Even with poor management finding a worthwhile deposit still may benefit SHs, but not to the extent of having good management. Having good management and poor drill results don't help the SP either, but what maximises SP is good management plus good drill results, noting this side of the market most speccies don't have A grade management IMO hence everything is up to the drill bit and what is been said to you in Anns, and where you can your own research. You can't DYOR as thoroughly where an entity is going into the unknown (drilling a new tenement not previously explored because nearology itself doesn't lead to a viable mine btw) or moving in a different direction in a country where information is difficult to attain as well. It is why free carry strategies are a key this side of the market, where you have an opportunity to free carry.

The fact the WFE Anns were marked price sensitive, suggests they had more substance to them than what was the actually the case IMO, and that also goes to another matter, what 'checking' role does the ASX really do when claims are made by speccies (i.e. IMO IMO ASX seems to focus on some speccies but lets a lot fly under the radar until people start getting burnt IMO). Yes hype drove the WFE SP up, but also getting Airguide on board, at a time Airguide were considered "Gods by many on HC as Brewer was also", also led to that now, categorically wrong, warm and fuzzy feeling SHs get when DYOR, or lack thereof sometimes due to not enough information been available, and pressed the buy button. Also, at the time Brewer was in a number of companies that were doing well and apart from 4CE where subsequently the drill bit sealed its fate, the other companies are a study in themselves when compared also to WFE - is there a pattern of behaviour and Ann preparation there that confuses SHs into reading more inan Ann thatn what the substance of the Ann is??? I'll leave it at that.

From my perspective, even I was assuming things were far far far better and more progressed through what Brewer was communicating even during suspension. I posted at the time this in Post #: 42551623 after the Jan 2020 announcement: "I have read the announcement a few times now and to be frank my reading was the Prospectus was a long long long long way of, yet investors here were constantly told otherwise almost in a use car salesman approach."

Now turning to" Researching WFE" thread, that first post by @dannyirish on reflection , but at the time looked in bad taste, ultimately was a key post for DYOR more questions to have been asked by investors but an anoymous poster on HC would always bear less weight in an investment decision regardless - see Post #: 32013547. The herd mentality of posters after that post is a case in study in itself of what 'been blind' to an alternate viewpoint one can become. There was a lot of hype back then, a lot of hype, and I'll leave it at that. What underpinned that hype was a lot of statements been made in Anns and in twitter land and by advisors, backed by what the flavour of the year at the time was doing elsewhere in his other plays.

Yes investors pressed the buy button, yes investors should DYOR (but DYOR means that they have the available information and tools to do so, and where that is lacking an uncertainty accords, well you then have to rely on the Anns and what is been communicated). It is why investors get burnt, especially why retail get burnt as they don't have the backing of a number of people as investment houses do and it is why people say the market is a mechanism for transferring wealth from retail to others IMO.

Retail need to trust less, especially this side of the market, and to minimise risk, IMO, and free carry when they can (meaning if you believe in the hype reduce your risk where you can by taking profit of the table when available to free carry).

All IMO