@Gonzarella Cheers, glad someone finds me entertaining besides...

@Gonzarella Cheers, glad someone finds me entertaining besides myself. Geo by training, short but varied experience long time ago, small business, fulltime trading, few other investments driven by the necessity to make money instead of a paycheck. Jack of all trades through experience and years of research, master of none, probably sums it up best. Been blessed with enough luck to dodge the fatal bullets and cash-in when it counted.

In this post https://hotcopper.com.au/posts/68489531/single I pretty much summed up that WA1 was a goer. People complain I'm too hard and suspicious on costings and other hurdles, but that's the best way to test an investment. A fool and their money is soon separated in business, easy to buy, hard to sell etc. In my experience the revenue:cashcost ratio is the tell. Has to cover capex plus corporate extras, then carry debt and interest payments over 5 years including any possible fall in the price cycle to attract first loss equity funding (finance is easier because they are secured) it provides confidence. That's how I roll, but seriously, how many on HC now are actually planning to ride this out for 7 years into production? Probably easier and better to play the hot-stock early gains then jump off before it comes down to fundamentals...

Being a no brainer is well and good, but value is the price you pay, and other side of the investment coin. Luni's insanely good grade UZ and shallow strip should work out so long as the met and other technical risks stack up. Long journey to development and only a few ways to avoid Lassonde. Taken out in M&A will do it, but probably not before enough exploration and studies indicate what's being dealt on, almost certainly not before a native title deal is locked down by the 'poor little junior' first (not the big-boy fat target). What's the rush anyway, if another buyer turns up then it was always going to be an auction, if not then let the junior struggle through and shareholders get softened up into less lofty expectations.

Funds generally sit pat and wait to get set at CR's (usually not at a market premium) instead of chasing the price up for limited stock on market. Maybe they dual list in UK or US and attracts get's stupid meme money then it's really off to the races. Everyone knows exploration and excitement will drive shares too far at some point, then it rolls over, always! Maybe that point was $6.70, maybe $16.70 or a lot more after one or two new discoveries. Who knows, but i like test projects against all sorts fundamentals, market structure/demand, competitor behaviour, even the neighbour's exploration success might throw a spanner in the works? Enough going on to keep me entertained...

GLTAH