Ann: Magnis Raises A$4m in Placement, page-128

High risk of current financing deal falling over. Market saturation from other graphite plays that erodes bargaining power with new off takes. Global financial markets are favouring "risk off" with Fed meeting end of this month. Depending on Fed outcome will give a better indication of whether rates will lift off this year or next year (as markets are pricing).

IMO current share price represents the fair value given the level of risk. My personal financial modelling of MNS gives a $2.25 share price conditional on 180ktpa, Jan 2017 production, $1,500 basket price, 20 year mining, all options exercised, 15% discount rate. However those assumptions are fairly conservative. I won't share my costing assumptions as they are largely probabilistic. I ran sensitivity and the value range was $1.35-$2.75.

Remember this is conditional on project actually going ahead. (which is what I am banking on).

Also it is FA, which is completely useless short term when you are dealing with speculative stocks. I am long term and consider my target value of $2.25 to be conservative if Magnis is able to deliver on current expectations, sign another offtake, get a better price. I also use 15% discount rates because I am a conservative old fool.