petra capital, page-3

http://celaminnl.com.au/pdfs/2012-09-19-080917CNL120919PetraCapital.pdf

Valuation is very impressive. SP should fly with the announcement of JORC IMO.

"Following up from the recent scoping study, CNL has
released a series of impressive exploration results
from the Chaketma phosphate project in Tunisia.
These results demonstrate that substantial
thicknesses of phosphate mineralisation are
achievable near to surface.
In advance of a decision to proceed to a Definitive
Feasibility Study on the project, the scoping study
determined a need “to identify areas of high-grade
phosphate with good metallurgical properties at a low
strip ratio.” This was to optimise the start-up project
dynamics - these results move the project further
down this optimisation path.
We value CNL at $0.86/share and recommend a BUY."