report, page-62

Thanks Marksman for provided the detail on the share price spikes and more importantly the number of shares on issue.

When comparing apples with apples the share price is irrelevant. What is important is the market capitalisation.

Mkt Cap = number of shares * share price So

when BHP injected funds in 2007, the market cap at its peak of 20c/share was $131M.

when Kronos got involved even though the share price made it to 10c or half the previous high the market cap peak was then $108M.

so IF we assume the earnings of the company to be $7M WHEN the plant is operational and operating at capacity and we assign a PE multiple of 14X which is about the market average, the market cap should be $98M not allowing any value for Synrutile or blue sky.

With 1.2B shares now issued, the best we can hope for is 8c/share to achieve a market cap of $98M or even if it returned to the same market cap value when BHP got involved ($131M) that equates to a 11c/share.

.....and that does not allow for any future capital raisings.

Dilution or capital raisings are killing share holder returns. Even though the market cap of the company has doubled in the last 10 years, the actual share price has gone down 30% in the same time frame.