The market cap is now only about $100m. I didn't go to the AGM but was told they reckon they will be approaching production by the end of year with a fairly substantial low-cost project. That alone would be worth a multiple of the current price. They are going to drill a huge anomoly at Goldsworthy before the end fo the year also, which means we will have the happy combination of a blue-sky bet underwritten by near-term production. The directors are claiming they have the pipeline of projects to build a tier two iron ore company, which means they are targeting a $1bn plus company. They certainly have the team to do it. This is why so many people have bought and are holding the stock. If the directors own 25% plus, looking at volumes over the last couple of months, the great majority of this stock must have been mopped up by now.
M4M Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
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