I would have to judge the performance based on the market price. The SP hasn't dropped significantly today, although it certainly dropped below 10 cents this week for the first time in months. So I'd say that the market saw this coming, but it isn't a terrible thing.

The things that I'm most curious about at the present time are:

- The drilling that Cliffs is doing, considering that they could have just sat on the deposit.

- Possible infrastructure announcements in the next month or two.

Even the results from two holes will be released to the public, so at least there will be another press release eventually to reiterate the current size of the deposit, and maybe get a few more people thinking about the future potential of the deposit.

In the end, if you look at the price paid to acquire Spider, and then apportion it over a greater number of fully-diluted shares at KWG, the implied valuation by Cliffs for KWG is still around 15 cents. In my mind, that is an absolute floor for the long term or even for a near-term acquisition of the company.

And that disregards the value of work done on the railway project.