the anatomy of a downramp

...of a resources company

1) Drill results are inconclusive.
2) Drill results has proved a JORC resource, but native title will be a problem
3) Native title is okay, but how are they going to transport the product?
4) Product transport is sorted out, but how about opex?
5) Operating costs come in well below medium term price of product, but what about $1B capital raising?
6) Capital raising is not $1B, it's less than 6 months worth of operating profit, but ...

etc. until the company is profitable, and the same people will still find reasons to be gloomy.