Ann: Quarterly Activities Report, page-154

I've watched SFX for a long time and I can't believe the price broke $0.20 per share today. With approx. 310 million shares on issue the co is capitalised at only $62 million. This seems very low considering their 100% shareholding in Thunderbird, which is claimed to be a world class zircon deposit with a NPV of nearly a billion dollars! Obviously project financing is an issue however if the project is even half as good as it's claimed to be you would expect lots of interest at these levels from mineral sands producers and consumers. Talk of the co going broke is misguided for the time being since SFX has no debt. They have funds available to keep going for another 6 months and in a worst case scenario (assuming no progress with Thunderbird financing, JV partner etc), they could scale back to a shell of bare admin staff with relatively low ongoing costs. I bought in today.