Hi All,
You can visit the SPI website for a link to broker report done by State One. Or you can click here
Pretty brief. It does give a current value of 22c based on current resources and a value of 76c on meeting the exploration target, which just so happens to be the same target share price I postulated in my last post.
State One have speculated, as have I, that SPI will exceed their exploration target. Its good to see my calcs backed up because SPI have in my view been very careful not to overstate the potential. In fact, after doing some calcs I contacted the company to clarify some of my ideas but I haven't received a response. I don't care as it doesn't affect my investment decision, but it I do like to take an "active" approach. The main thing I have noticed is that SPI announced Contact North as a "new" discovery, but they have failed to increase the exploration target beyond the 5-10Mt initially defined for Contact alone. In fact the announcements now say the exploration target is 5-10Mt for "Contact-Contact North" which I read as being the target for both deposits (which may end up being one large deposit...would be nice).
Anyway, all that aside, the 5-10Mt target alone represents a compelling investment case in my book, now backed up by a broker (if you care what brokers have to say, and generally I don't)