Sorry mate, i missed your post, (not quite sure how that happened) anyways me personally, i dont try to predict share price but, yes you are on it.
Company currently around 18 mill market cap, seems way too cheap to me.
The iron ore 30% share J/V is worth it alone and doesn't take into account the other metals that scorpion has, lets say FEX earns AUD $121 mill for 12 months at USD $150 DMT and $0.735 conversion, for the 12 month period SCN after tax portion would be roughly AUD$22,891,000.00 after tax (rough calculation) on the iron ore alone.
Lets be real they need to measure the size of the resource on the SCN tenement and i'm thinking could be alot bigger than FEX.
In a recent pod cast Rob Brierely mentions Fenix tenement was restricted by geography where as at SCN they wont have this problem.
Give it a go and see if it works, you can tell in Robs voice they are upbeat about the ground.
Put it this way although Fenix is a separate company to SCN with different management, we now know that Bronwyn Barnes is running the J/V agreement between FEX and SCN and she has so far proven to be a good hand.
So yes in short, i see the share price being well north of here in my personal opinion.
Have a good day
Rooks
SCN Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
