afr write-up, page-8

Yes, I have an interest in DRX (no current holding)
and that interest came via the Eucla discovery. They also have a JV with DRX at Clermont.

Valuation, sure, I have a valuation based very simply on in ground value at 5% x 25% of project.

$1.5b x 5% x.25 = $18.75m to MSC

The only concern I have is the location of the discoveries, so I believe a JV or takeover is more likely with IMA or ILU (who have hinted at this)


Another problem I have is MSC didnt take up the option for a futher 10% by not taking the 5% increment last year. This would have only cost $750k.

For someone so close to DRX management, I thought this was very very odd given the positive statements made by DRX as to the size of potential discovery.


If you want a current "market" valuation based on DRX, then MSC share is worth about $3.5m only.