good result, great buying opportunity

The FY2005 result for GRD once normalising for a negative (non-cash) IFRS adjustment was above what most were expecting. The loss of the final dividend does not herald a rights issue as the company has openly stated it is looking to raise funding directly or indirectly from its stake in Oceana Gold to fund its stake in Lancashire. Larger Brokers have valuations north of $3.50 for the stock.

Nothing's changed, Minproc is humming, GRL is making good inroads into developing a market for the UR3R generated compost which will bolster the earnings outlook for Eastern Creek. Financial close for Lancashire on track. Current weakness is a great opportunity to buy a good growth stock in a market offerring little overall value