What an interesting day. I hope everyone took the opportunity to...

What an interesting day. I hope everyone took the opportunity to increase their holdings at bargain prices!

Drilling results are fairly close to what I expected to see, and they have addressed some of the risks that I had previously accounted for with conservatism in my modelling. I'm looking forward to seeing mineralogy of the western area, as this now accounts for a significant portion of the resource - and while there is some risk that TiO2 grade (or more specifically rutile grade) may drop off approaching the MEU tenements heading west, there is enough excellent assemblage and grade in the eastern area to get the party started with strong cash flows and a quick payback period.

My mid-case model still has this at $1.6b NPV and 20 year mine life. Modelling has WAG'd fairly large areas, so there remains plenty of upside on that NPV for mining sequence optimisation (ie hunting higher grades in the first few years to bring forward revenue). Plenty of upside for a bigger resource and longer mine life too, particularly in the west where an additional 100Mt of resource is a very real possibility.

Absolute nonsense that this company is sitting at <$100m market cap. Don't get sucked in and panic sell... wait it out, accumulate more if you can, and the rewards will follow.