The Rational Investor's Price for DML

A volume-weighted analysis of the most recent 644 million share trades, or 100% of issued capital, (since 4 July 2014) shows a VWAP price of 4.8c per share.

In a free market, this suggests the minimum share price the current rational DML investors would be willing to accept is 4.8c per share for any takeover offer or asset sale.



In my opinion, this is still lower than the true value of the assets, both from a construction point-of-view and a future value point-of-view, because the share price throughout this period has been completely dominated by the debt re-profile news and the news about options for financing the underground mine.