thoughts on sir? anyone?, page-19

A little maths might answer your question maverich.

Pre issue av price - 2c for 450mill shares
Market cap = $9,000,000

750mill shares issued @0.85c = $6,370,000

Prospecting/mining rights(70% interest) purchased from Apex and Carey Minerals for $1,250,000 and 83mill shares(@0.85c)

Prospecting/mining rights purchased from Mark Creasey for 267mill shares(@0.85c)

Total Value = 9 + 6.37 - 1.25 = $14,120,000
Total Shares = 450 + 750 + 83 + 267 = 1550mill shares issued
Total Value/Total Shares = 0.91c per share

(Actually, Mark Bennett lists 1623mill shares on issue in his presentation from Aug 17, available at http://www.siriusresources.com.au/documents/pres090817.pdf
so there's another 73mill shares issued to other parties. Then again, Mark Bennett claims a market cap of $32,000,000 in the same presentation by using the post-issue share volume and the pre-issue share price.)

Of course, they also have the rights to mine Nickel (yes, one day it will be worth something again...) in the back blocks of Western Australia. However, given that they are yet to release the results of the EM survey, it seems that we are a long way from a bankable resource.

IMHO this share is priced exactly right at 0.9 cents and given that there are approx. 1150mill shares issued at 0.85 cents, I can't see this going very far in the short term. If you must buy, put it in the bottom term for 2-5years from now and see where the SP is then. Mind you, there are also 750mill unlisted options exercisible at 1cent expiring in 3 years time, so the potential for dilution here is massive.

In short maverich, yes, it's probably a bummer stock...