sp at less than 5 pc inground value, page-12

Back in 2003, their share price was around 8c, and their full year EPS was 1.7c (on the back of RAV4 nickel). The next year it shot up to 35c, on the back of a full year EPS of 8.8c, and two x 1c dividends (march and september).

This year, their share price is just above 9c, and their first half EPS was about 0.9c. As we know the second half will be free of mine development costs, now that the JV is to be wound up. I would expect their earnings per share to be substantially higher, although we don't know what exploration they are undertaking at Phillips River.

With a net tangible asset backing of 12c, a share price of 9c, and a forecast higher EPS for the second half, things are looking okay. Add in the divestment of Burnakura JV site, with proven resource base and good plant, makes it a better story still.