A conceptual mining plan or financial model that applies an unimpugned formula to hypothetical scenarios, without specifying any timeframe for achievement, does not constitute a 'prediction' or 'representation with respect to a future matter' under s 765 of the Corporations Law, and therefore does not attract the reverse onus requiring reasonable grounds. Satisfaction of the 'likely to induce' element under s 999(a) requires a causative evaluation of the precise impugned statement, not a global assessment of the document as a whole. Non-expert opinion evidence as to the likely behaviour of investors in purchasing securities (as distinct from the effect on market price) is of marginal weight and may not be admissible.
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