and one other point - about other posters obsession with a...

and one other point - about other posters obsession with a coming CR. I also disagree. as someone posted from the most recent End Sept 23 annual report there are 14.7 million options out at between 30-40 cents ex price (say average 33 cents )- all well in the money and most all to management who are rich.




Ill bet my bottom dollar a. lot of those will now be exercised in just a few weeks to cash up the co....?
14.7mill x 33 cents = A$ 4.8 mill cash for the co- plus the 1 mill they have gives them A$5.8 mill cash. which is plenty for them to drill more and figure out if the PFS (or even jorc) on the lithium and HPQ if it's there. (which it seems very likely to be) from the available evidence so far.

they have a lot of drilling work data and drawings etc on the mine all ready to use, and apparently, they just need to relocate the old core samples from the previous DH drilling and test them for Li- as well as some new test drilling.

and these IND boys don't hang around -so ill also bet my bottom dollars they will announce and start drilling in Nov (and be well-funded to do it without a cr)

if the 14.7 mill oppies convert there will still only be under 80 million shares on issue - of which management and mates hold around 50%- and another IMO now 15 million locked away.

As i stated before its not unreasonable to assume that as their drilling soon progresses this could quite easily reach an A$ 150- 200 mill MC on speculation - so with 80 mill shares out that could be A$ 1.8-=A$2.50 per share.

If the lithium is there in sufficient quantity to be economic - which is the speculation- but looks pretty likely (fingers crossed) this could then reach between A$1-1.5 billion market cap to be at parity with the surrounding lithium mines in Pilbara and the rest of WA - again with only 80 mill shares out (and tightly held ) - that would be around A$12-18 per share?.

So IMO with their strong and almost developed silica sand story to underwrite its value at these levels (meaning not too much downside if the Li does't pan out -30-50% in the short term?

but a potential 10-15x to the upside if it does - this looks like a nice punt to take on - ie limited downside - big upside - with good (and very shareholder aligined management) - and all the sexy news hopefully just a few months in front of us.

so once again GLTAH