I think MX has hit it on the head wrt P Hill and the exploration area.
There is potentially also another reason. TB seems to be telling the analysts that the board runs the company, not the analysts, and we will NOT spend the cash if we don't want to, so "get lost" (politely).
Perversely, when the analysts are told to "go jump", they seem to then think "this management is running the company" and jump on board.
HT1
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