Cheers for you comment Buffett - Always like to hear your opinion.
This most definitely a junior amongst juniors. I personally am confident in what they offer and propose to do.
I don't expect them to get all tenements approved... But if they get 25% of the 150MT that they say is "Possibly" in the ground then they have 37MT with 3MT/PA production for 10yrs.
Avg PPT $43, Avg OPEX PT $23, CAPEX 150M (60% E/40% D), 239M Shares
I get Fair Value 144c and NPV 55c-75c. f-PEs under 10
So definitely not mega gains... But if Bauxite goes up more and BAU hit more then I expect the upside will be good and it's fairly safe buying under 50c at this stage.
See how we go... Yikes!
It is always easy to say "Glad I didn't get in" after it falls 25%... There are a few shares I'm glad I didn't get in 50% ago LoL!
Cheers mate,
Pat
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