slip volume not very material it seems, page-83

Brokers site visit.

You are so naive H.

Analysts, brokers, fund managers all routinely visit sites and talk to management of all companies. At these visits they don't say "this months production is x or profits are y" - it is part of understanding the business which is what professionals try to do. By doing this they can better assess value and risk. Of course there is some slight information advantage, but it doesn't fall in the material category - indeed there is a insider information defense called "mosiac theory" where a person can put bits and pieces of non material non public information together to come up with a material non public picture that is still legal to trade with.

All that photo showed was that Red was delivering on exactly what it said it was going to - remove the silt and get access to ore. This is not material information. It is however nice to know because it meant they wouldn't come out and suddenly say "ooops we missed". So this is an advantage of doing the extra work, but it isn't actually inside information or material in its own right.

Material information should be disclosed - that is an obligation on directors. So of the target for the quarter was looking like missing, it needed to be announced.

The quarterly report is mostly non-material information. You mistakenly believe that ALL information should be disclosed all of the time - this is not correct.

If you were a director, there would be a weekly operations update.......