goes up by 69% and no one comments !, page-18

Agree with psi's comments and we have been saying this on this forum for a while, management wont do a cap raise at these levels. On an enterprise value/tonne of resource basis the share price right now is ridiculous.

Makes much more sense to do an asset sale given we would get multiples per resource tonne over a share issue. And the only saleable asset right now is Baralaba.

Management have indicated as much by saying they are in detailed negotiations over options "including selling a partial interest in the Baralaba Expansion, strategic
investments at the corporate level and project debt financing are being progressed".

Over this company's history there has been much talk about corporate transactions from all the korean giants on the share register. To date they have proven very unreliable partners. So I like management's current focus as per the WSJ of concentrating on a sell down to JFE Shoji at Baralaba, unwinding the debt owing to KEB and getting rid of our reliance on SK Cowboys, and moving on from there after the unwind of the refinancing risk discount on the share price into a strategic cornerstone investment, a cap raise, and/or debt to get Baralaba expansion underway. I think we need to move away from the Koreans and smoke out their true intentions by forging ahead with transactions with other parties.

Either way, current management have proven adept at doing deals, and although the 69% rally on friday seems like a technical one it still makes one hopeful of the market finally realising the huge value in this company that can be released if financing is sorted.