Yes but I suppose that's how you make large returns on...

Yes but I suppose that's how you make large returns on speculative stocks. You buy in the 'imagine' phase and you sell in the 'know' phase.

Personally I find it a positive that they have a huge resource and are looking for a way to make things happen rather than digging holes in the ground looking for something. There are plenty of exploration companies with higher market caps who haven't really got anything happening.

In my opinion sentiment has driven this lower that it probably should be, but again that's the risk you take. It is by no means dead - just read the announcements.