If you want exposure to the tin market on the ASX with massive...

If you want exposure to the tin market on the ASX with massive upside which is considerably de-risked then ANW is the best play.

We may have missed some timelines in the past but geez it takes a lot to get to where we are right now with Granville and Taronga.

Granville

Granville is now a formality and waiting TSF completion which we know is any day/week now. Sure there have been many delays and missed targets but the main risks I see with Granville are now out of ANW's hands (Weather, TSF inspection delays). The previous delays could easily prove worth while financially with improved tin prices, so maybe a blessing in disguise.

Further upside potentials with further exploration on nearby 100% owned leases or potential take over targets like our neighbors Stellar Resource. Now if you want to see a company that has missed timelines and bad management have a look over there. Back in 2012 they were talking about completing DFS by 2014 then finance and production by 2016. Now 2019 with an MC of 5m and no DFS are ready for the picking.

Taronga

Taronga has a JORC resource with PFS inidicating probable ore reserve of 23.2Mt and quoted A$63m NPV.

Mine Invest has further researched and has a Concept Modelled reserve of 28Mt with NPV upside of A$267m based on Sn price of A$29,500 and Sn grade of 0.23%. Price upside already there, and grade upside very possible but stage 1 and DFS will confirm.

This doesn't include the potential LOM extension through McDonalds reserve which provides further upside

"An exploration program recently carried out (2010-2012) including soil sampling, Induced Polarisation-Resisitivitygeophysics and detailed ground gravity geophysics, has confirmed McDonald’s zone as a viable target forTaronga-style tin mineralisation. Coincidence of geophysical and geochemical anomalies, with high grade tinvalues in soils are identified. The main anomaly at McDonald’s is a 700m x 150m area, within the plus 400 ppm tincontour limit (Figure 6, following). "

Now that mining and environmental permit have been granted the main risk to Taronga Stage 1 would be financing. On the announcement of full production at Granville the finance risk is minimal. Obviously Stage 2 risk will be dependent on resluts from S!=1

Kilkivan

This is pure x-factor and can only have upside impact on MC. I don't believe this is currently factored in MC what so ever. It's nothing more than speculation but I have a feeling this could be big.... Time will tell.

DGR

I know some here don't like the board and DGR due to the perception they are lining their own pockets, but these guys know what they are doing and are the reason we have gotten this far. They've earnt the right to manage this way and have done a good job and keeping costs down while making progress on 3 projects... Hats off from me

Also interesting to hear Rick Rules investment advise for the next 24 months is prospect generator companies due to the odd of minors making it. Prospect generators are the intellects and idea generators that progress exploration ideas to a point where more serious exploration funding is required. They then spin off and IPO while holding large percentage of the company.

I think anyone looking to diversify through one stock with a reputable undervalued company should have a good look at DGR.

At the moment I'm with @Kotaredrew, here for the long term at least until completion of DFS, by which time we should be many multiples of current MC. If there are game changes along the way and I have been completely fooled then I will change strategies. I'm no expert, this isn't advice and just an opinion. ANW could be a real gem in 2019 and beyond... Here's hoping.