Smokin gun!, page-49

BrendanK, i will assume its your ignorance about what moves share price that makes you slander BL.

Therefore a short lesson is in order: many factors have to align to create a successful mining company and many do come down to luck - hence risk/reward.

BL would have had a hard time running THX during the copernicus operation as the Ni price fell 50% (you didnt mention this small fact), I remember the pain, I was there! Good on BL for trying to capitalise on the Ni price at the time, would have been great if Ni had continued higher or steady- hence risk/reward.

BAB was low grade and aud gold price peaked and retraced $200 an ounce during his stint, they did a pfs and did not take it further. Once Norton took it over they didnt even develop. In other words the decision not to mine was correct, so of course the share price will fall, the MD cannot create gold in the ground!

I might give a short gold mining lesson now. Nuggety gold deposits are terribly hard to value. Hence reserves are sometimes not given, Ramelius didnt have a reserve for Wattle Dam due to the nuggety nature (luckily the grade was there overall), you actually cannot be sure whats there until it is all mined! (unfortunately).
Geos do their best but the risk is very much still there! Some mines with more deposits will over-reconcile some areas, and under-reconcile others and it balances out. I work at a nuggety deposit where we have been well into a zone where a drill hole (and geologists) said would be high grade (in reserve status!) but was still waste, just a few metres from the high grade drill hole that cost hundreds of thousands of dollars to mine to! At some point you must draw the line on the drilling and make an estimation on whats there. ABU would have used all best info and resources to make a decision to mine, sometimes you get unlucky.