One issue that was a drag on the stock was a view that that the...

One issue that was a drag on the stock was a view that that the current mine lives were short and that further development work was required to access potential plays.

It always looked like the Black Swan mine with its high grade nickel shoots was only a development cost issue. The probability of the capital raising put a cap on the stock at 40 cents - the original IPO price. This money has now been raised and MPM has stated there will be no more raisings.

Stawell is a little more debatable as a gold price in the $A570 range would make Stawell more compelling as a development.

Honeymoon Wells with higher grade pods and the disemminated nickel are certainly plays with a reasonable chance of production. I wonder if the Titan leach process has any application in the lower grade ores.