Hi Notrealgoodatthis.
Let EXM hit the first target....and on time first.
Re-ratings will ALL depend on if they are able to just put one foot in front of the other and execute the plan outlined on the 25th May in a timely fashion.
IF they manage to follow the script to a key, ceteris paribus, and hit all 'targets' AND actually do start mining at end 2010, I believe it would be fair to say that EXM would be fairly priced with MC of 150-200 million. That is 7-10c based on a non-diluted register atm.
Cheers.
K
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