update...., page-3

By the time the catalyst is triggered, it'll be too late. There simply won't be enough stock to satisfy any serious demand. The key is to be accumulating now, not later. Remember, this is a very thinly traded company.

There are a number of catalysts:

(i) Astron has already formally stated that commencement of the Senegal project is likely to have a significant effect on the company's finances. From the context, I took that to mean very positive.

(ii) If the appeal in the Gambian case were to be decided in our favour, we'd be looking at a major boost to our cash position.

(iii) A slow, but nonetheless very good, progress is being made on the Donald sands project. Economies are being fine tuned and capital costs are being reduced. All it would take to move the price would be one positive announcement on a key milestone.

I think the only way we can value the whole company is through a sum-of-the-parts approach, but using a very steep discount rate. Even then, the company should be valued at a multiple of the current price. Removal of uncertainty from any one of the above three catalysts should dispel any doubt that Astron is a steal at current prices.