Ann: Company Presentation , page-16

It's just very cheap dmaleny. They'll have $5.3m in cash with only 52.8m shares on offer. At 50c odd plus, it'll be easy to raise further capital when needed with minimum dilution - looks a company maker and Directors and associates own 12.5%. It's all in their presentation and the key is to eventually supply Brazil's phosphate demand. Mateda Corda has results of up to 23.2% P2O5 and Lucena has a target of 40 - 50mt based on historical drilling. The MD is the founding Director of Newport and all of the Board have local knowledge and experience in phosphate. Vale have pegged all around us and corp. activity is present.