johnston range., page-10

I guess you should jump on CAZ in that case. Do they have anywhere to go, or is that their final resource? (i dont follow CAZ and know nothing about them) Though from your post they have about 130mt of ore (DSO + 55% Fe)

On your calculations finding about 130mt of high grade ore should almost double RADs share price. So what about finding 300-700mt of the stuff? Plus about 4-7bt of the lower grade ore.

"So right now the market is valuing the exploration potential of the company at close to $30million, this is for rock chips and conceptual targets only"

Correct. - EQX same position market cap of $350m
- LEG same position with lower targets market cap $100m
Given the above two are situated in Africa, as opposed to Australia.

and GrogMan has just put some more relevant facts down for consideration.

RAD have said we will get our first resource definition this half year, I'm happy to see how far that gets the share price.

When you define a resource in the form of a few billion tonnes, many options then open up for the company (scoping study, PFS, potential takeover target)

At the moment I'm not too long term on this, I'd like to see what resource they find, how they plan to expose that resource and the direction the company plans to go in the future (fundamentals), they will determine if i hold or sell, but as for the near term (6-18months) the company has outlined a drilling program and the share price will be reactive to those results not fundamentals of the company.

I say undervalued on potential.
You say overvalued on fundamentals.
We are both right, and the only way to create fundamentals is to go through this process first.