Thanks Anakin.The next catalyst for a rally in the SP will be...

Thanks Anakin.

The next catalyst for a rally in the SP will be the announcement of the assay results from FMG's very first two holes at Vulcan North i.e. holes VUD018 and VUD019.

The assay results from VUD018 should be out before the end of this month. The assay results from VUD019 should follow 3-4 weeks later.

With regard to a valuation for TAS, I will give you my thoughts in 2 stages:

Stage 1 - prior to assays from VUD018 and VUD019 being received i.e. where we are now - valuation 88 million MC or 12.5 cents a share

Stage 2 - highly encouraging assays from VUD018 and VUD019 and a commitment from FMG to drill immediately further at Vulcan North and/or Vulcan West - valuation 160 million MC or 22.5 cents a share

The question is of course, what are highly encouraging results? IMVHO, there will need to be an interval of at least 100 meters of Copper at over 1% in at least one of these holes (I expect this result in both holes).

There is also likely to be Gold, Silver and REE's mineralisation in both these holes. I am expecting significant Gold intervals and grades, which could be an additional bonus.

It almost a given that there will be very impressive intervals of high grade (70-100%) hematite (Iron Ore) in both these holes. Depending on the size of these intervals, and at what depth they are, this could be of extreme importance to FMG. In this regard, I am hopeful that there will be additional information specifically about the Iron Ore at Vulcan North i.e. whether FMG intend to extract it as well as the Copper etc. or simply discard the IO as tailings as BHP currently does at Olympic Dam.

Way down the track, i.e. in a few years time, I could definitely see TAS's 20% share in Vulcan being worth at least A$1.4 billion or A$2.00 share.

At the moment, however, I prefer to concentrate on the next couple of months, which promise to be very exciting.

I hope this helps a bit.

Greetings from Dubai.