Hi BaliHi,I see the full Bridge Street Capital Partners report...

Hi BaliHi,

I see the full Bridge Street Capital Partners report is available from the Sheffield Resources investor centre. I note that they are lead manager for the placement and the report does have a caveat stating they are corporate advisors to SFX, so they cannot be considered independent, but it's still good to read their viewpoint justifying their $2.15 valuation.

Another research report on SFX has just been publicly released by Hallgarten & Co / Christopher Ecclestone which gives a 12 month target of A$0.88 with a good overview of the Thunderbird project and some background on SFX, but nothing much on the South Atlantic project as it's all a bit too recent.

One thing I'm not so sure of in this report is their focus on the potential for monazite sand/ RE resources at Thunderbird as there was no JORC resource delineated and therefore it was not factored into the BFS, though the report states; "In our talks with management they noted that there is minimal monazite in the (LTR ilmenite) product going to Yansteel and they will not recover it. Sheffield’s Zircon and paramag concentrates do however contain a monazite component, most of which they shall be paid for, and this shall be extracted by processors in China and elsewhere". It would be a pleasant surprise to say the very least if a good portion of the HM 'trash' turned out to be monazite.

GLTAH!