..I've just been reading an article on another miners web site, and the comment there suggests that some institutions mandate includes only investing in producing companies.

In which case, an 'into production' date here might be a key issue. I wrote to IR a while ago asking for a release as and when, and also questioned total focus on drilling results, given long term debt is convertible at a higher share price (assuming its over the minimum over a course of months).

The shares and metal seem to rotate in terms of investment preference. Some analysts only ever promote metal because they think the USD is doomed over the next year or two. The economic cycles suggest otherwise - far longer time frame if its going to happen. We are also in a pro-shares cycle, and sentiment in the general markets is bullish, with a lot of investing having occurred at low prices.