arrowhead valuation report, page-6

I noticed that to phillip_k.

On page 15, Important Disclosures

"Arrowhead Business and Investment Decisions, LLC received fees in 2009 from Brockman Resources for researching and drafting this report and for a series of other services to Brockman Resources including distribution of this report and networking services. Neither Arrowhead BID nor any of its principals or employees own any long or short positions in Brockman Resources or in any other company in the iron ore sector. indication or guarantee of future results. The price, value of, and income from any of the financial securities described in this report may rise as well as fall and may be affected by simple and complex changes in economic, financial and political factors."

Your earlier comments about not allowing for dilution are correct also. This seems to me to be a fairly interesting omission given that future fair values were derived using forward estimates up to 2021! Given that the project has no current funding it certainly loses some credibility imo. Still not as bad as Patersons pin the tail on the donkey valuation technique of the past lol.

All in all it still shows the potentially huge upside in BRM given that no value was added to the companies other portfolio assets.