Ann: Thunderbird BFS Update, page-48

You have all seen the supports before. Yesterday held at 30c lows, corresponding with the 2016 lows on weekly close. Last time the monthly closed at 30c was 2011 one year after listing. SFX would want to hold 30c until some good news and/or new BFS can be put out and funding bedded down. Good volume support heavy selling this morning over first hour and half, looks like SFX have been wording up their favourite insiders and top 20 that there is reason to hold the line. Value looks OK on paper, doubts about how long to wait and how to raise funding is the obvious concern with a short term funding problem hanging over their heads.

However, good reason to buy at 30c for longer term value, hard to see buyers chasing this up much higher unless an partner or TO offer comes in. All eyes on the world economy and Zr pricing. When selling volume dries up, the price finds it's floor (and short term funding is sorted) we can hopefully relax and look forward to the generating partner interest later in the year or next imo. Deal looks dead for now and price too low to go it alone on funding at these prices. SFX joins the conga line of under-valued juniors sitting on good projects but at unloved share prices. Would love to start a portfolio from scratch now....

Good luck