ucl 9 for 1 bid, page-21

Brenden, I don't think I've ever seen anything conservative with MAK. It's not their model. They have acquired a number of assets based on sectors they think will have bubbles with the goal of maybe developing or flogging them off when prices get high. If they were conservative they would not have one, not one, asset that they currently own and that includes Wonarah which has been ditched more than once by conservative managers.

If you want conservative management in junior explorers look at TZN, the best managers of a junior in the mining exploration sector imo. Every decision they make is about viability in the worst likely scenarios. As a result they will be profitable even in long term low price situations.

This cannot be said of MAK or BON with their 60% common directors. (There is an argument that can be levelled at UCL - Mehdiabad is a lowest quartile production project but they got the sovereign risk wrong. Also Sandpiper, whilst promising, probably would not be feasible at RP US$50/t).

This not a dig at MAK especially - it's how the majority of junior explorers operate, they often need to in order to keep getting capital to keep exploring.