RE:CapExOf course there are things the majors don't like: namely low grade and smaller size than many west African projects. Most people also find it hard to believe you can use gravity for a high proportion of the concentrator. Adding that in to the mix with Mali makes the lack of attention quite explainable. To understand what makes the project so interesting takes a relatively deep investigation which if you have rules around grade and size most simply will not do. The lack of good promotion and poor website are all things that can easily be changed. That is the opportunity in my opinion. Personally I think the majors are pro-cylical anyway and typically buy at the top. Just look at what is happening at Barrick right now when valuations in the industry are at all time lows - are they buying now? No they bought at the top of the market and are cutting back on exploration now. There is clear justification for the low valuation of AGG, but most of the reasons are not real fundamentals about the project but scepticism the facts as presented are not true. There are some factors which remain to be proven and of course if they don't come off then the story changes. But if the fundamentals as they sit today are true this is a very attractive company. I don't think you can make big money in percentage terms just going along with everyone else, you need to buy when most are not believers. This is what creates the price momentum - people progressively changing their view and putting money to work.