and there is the bottom, page-3

Well the meekathara will be a 10 year mine life producing 135,000 ounces p/a . The cash cost will be around $850 and with a current price of $1770 that will generate profit of $920 per ounce X 135k = $124,200,000 . The current mkt cap is only $80 million.
So in actual fact it is trading at less then 1 X . For a short mine life than 5X earnings is a fair price considering there is a lot of upside in the expansion.
The latest hurdle was the department of mines approval which will give us the $23 million facility from Barclays to cover any continginces ....

The extra upside is of course we own Vanadium and Lithium which are in their own rights worth at least 20-50 cents each ..

When you combine this with the technicals it has just broken that long down trend from 75 cents since Jan 11 and has just crossed over the 50mda ..

I have to disclose that I have launched at this one and was very nervous at 16.5 but if this holds then it has to get back to at least that 30-40 cents level with a fair value at $1.00

Good luck !!