ocean equities broker report, page-7

thanks magix

some very stong wording in that report and they obviously have a lot of faith in management

looking forward to tomorrow

bit of an extract to get the heart going lol

Valuation Summary
We have used a peer group analysis and sum-of-the-parts valuation to come to a valuation of A$2.39 per share in the near to medium term, an uplift from the current share price of 78%.
However, bearing in mind the early stage of exploration and the excellent opportunities of the Company’s iron ore prospects, and the low value attributed to the bauxite JV, we believe this valuation should be used as a minimum value. We will look to review our valuation following UMC’s maiden iron ore JORC resource statement which is due in the upcoming months.