To think I was able to pick up the other 473 shares of my $14.98...

To think I was able to pick up the other 473 shares of my $14.98 buy order, just yesterday morning. That small buy is up $2.5k.

The ones I bought at $16 are doing well, likewise for the ones at $17.02, and even the ones I bought at $20 on the way down are looking good.

Today's action plus expected action on MRE initial results, plus whatever other great announcements coming up .... How about a placement of $100M at a PREMIUM in July/August after release of MRE and appropriate market action, to pay for further work, DFS and early works programs on site..

It will be extremely hard to get a decent stake in this for any institution, but a placement, or trying their luck in a future cap raise is the likely place to get a decent percentage.

I just went back and rechecked the 'valuation' compared to Sandfire again at around the same stage, after their MRE release and a further cap raise (that's when SFR did a cap raise for extensional drilling and DFS funding). The value of inground resources from their MRE in mid 2010, was about $A3.3B, they had an Mcap of $460M and $50-60m cash in the bank.. That's a 'valuation' of 15.5% of resource in ground value, allowing for 90% of copper/gold recovery..

Assuming we have 70M shares on issue (fully diluted) after next cap raise (so another ~5m shares), to be equivalent of Sandfire at that stage, after allowing for 50% recovery in minerals Nb2O5 and P2O5, gets a per share valuation of $166/sh. (assuming MRE of total 2M tonnes Nb2O5 and 8% P2O5 in 180Mt ore, with 20-25Mt of 'high grade' 2.5%; I.E. my conservative numbers).

Of course there are massive differences in life of mine, plus I expect us to start smaller with the HG ore and then expand after a few years operating, plus the revenue spread out over longer time will be worth less in any NPV type of calculations etc..

Even considering all the constraints, so we halve or quarter the like for like valuation, we are still massively undervalued. Just a quarter of the Sandfire valuation at same stage would have us at $41...

What I haven't mentioned is that from that point in March 2010, when they were $3.60/sh, the SP went to $7.50 over the remainder of the year!! So the starting point I used, soon after MRE release and a cap raise, was not far off the bottom of the valuation based on percentage of in ground value of ore body...