Ann: Investor Update Presentation, page-7

I don't disagree there! Current valuation is heavily dependent on risk discount and the guesstimate as to how much resource upside there is still to be realized. However, even with a zero additional resource assumption, a $3.8/lb forward copper price and a 40% risk discount I've got a fair value estimate of 14c (with the caveat it has so many assumptions it's close to meaningless at this early stage!!!).

I've been in this stock for a long time, but If I wasn't already at my self-imposed allocation limit I'd be buying.