Ann: Change of Director's Interest Notice , page-3

Got to love when directors who already have a significant holding are topping up in their super fund with even more shares, and paying hard cash on market.

Interestingly, Taylor Collison have also updated their analysis of the company, and this time put a price target.

NPV: ~A$79.5m (IRR: 30%)

At this NPV, Kibaran would have an attributed value of ~86c/share. Using a 50% discount rate we have assumed a price target of 43c/share with the outlining of a JORC ‘Indicated’ resource to be completed by mid-2014.

Personally, I'm holding mine long term, and so I won't be adopting a 50% discount rate, lol, so I'll be aiming for at least 86c as an NPV. However, that's going to be proven conservative if either the Richland JV comes off, or the production targets are increased. If both happen ... well there will be a number well over $1 on the NPVs then.