Kaoko Metals drilled its first ever holes at Chalkos in Namibia and logged about sixty metres of visible copper. The stock ran from 73 cents to A$2.50 in two sessions, and the company then raised A$20 million at A$2.20, above its fifteen-day average. This workup sets out what has actually been proven, what has not, and why the assay result is still the event that settles it.

Australian Rare Earths carries two very different assets on one small balance sheet. Koppamurra is an ionic clay rare earths project with a Pre-Feasibility Study and a maiden Ore Reserve, one of only two assets in its peer group to hold one. Overland is a niobium carbonatite discovery that is one drill hole old. This workup separates what has been proven from what has been interpreted, at both.