Ann: C4 Iron Ore Deposit - Production Update, page-81

Before we started mining, I remember this stock hovering around 7 -10c (with a spike up to 30c+ when things rocketed for TGN and we went along for the ride with our shareholding). I don't recall us having much of a cash balance back then but we did have ore in the ground, the accumulated Tax loss, and shares in other companies. I thought those few things combined were compelling enough for that 7-10c share price. Fast forward to now ... We've not mined much of the resource (it's largely still there), and although we've sold off the gold tenement (the one big change that has happened), if this comes all the way back to a price of cash backing that would seem to discount a lot.

I would expect it to stop around the value of the cash backing + a portion of the tax loss + a portion of the value for the ore in the ground + and shares we hold in EMT and TGN. No true idea where the Sept qtr will come in cash wise (the first half of the quarter had good IO prices) but I would have thought with our cash (inc Q3) plus the other items above, we'd be close to that combined price right now. I guess time will tell and perhaps we overshoot - who knows.

All my opinion. Watching this one closely.