Boris, hi. If this share price holds (0.9 cents) the dilution won't be as bad as it was at 0.5 cents. Since 0.5 cents we've had a mega jorc resource statement (500m? tonnes approx?) and confirmation there are no serious obstacles to getting at some fraction of that Jorc resource that is not deeper than 225m depth) and that we can get the stuff to port, ready for processing, at $26 tonne. I think that news alone justifies the rise in share price, but I suppose I could wrong. It is the very fact MAK has to use such expensive transport (truck) cost that is the reason there must be doubt over the viability of W and A at the current low phosphate price of about $150 a tonne. I suspect our total costs per tonne will be under $100 a tonne (including all capex costs), and with the prospect of such a good project economics it is hard to see how the dilution that any fund raising we have will be too awful to bear. Just my view.
UCL Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
