solid as a rock, page-3

From my post on SS
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Equity/undiluted market cap in Valentine/Stokes is:

ARQ - 38.95% - $400 mil
EGO - 14.8% - $13.5 mil
EMR - 12.75% - $12.5 mil (after recent placement)
FAR - 8% - $60 mil
PCL - 10% - $26 mil
Indigo Oil - 5.5% - private
Phoenix Resources - 10% - private
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Basically the best leverage lies with EGO however, its almost certain that they will have to raise capital soon which would reduce overall leverage. That coupled with the fact that they have almost 2 billion shares on offer make this a hard sell.

EMR has the next best leverage, and have recently raised capital. They have halved their drilling costs on the Valentine/Stokes drills by farming down their interest by 6%. With their busy drilling schedule and 100% holding in the tenement immediately to the west of EP104, they hold exceptional fundamental value if the drills are successful.

PCL will have to raise capital soon most likely within the next few months. They badly need some sort of revenue stream to maximise the potential of their asset base. At the moment they're living hand-to-mouth off capital raisings.

FAR & ARQ are well funded for the drills. FAR has a handy 8% interest which could prove to be highly profitable if the drills are successful.

I'm holding EMR & FAR for exposure, as in my opinion they offer the lowest risk/high reward. These two will most likely run the hardest during the program, as they offer the best leverage at the lowest risk; ie. relatively cashed up compared to EGO & PCL, busy drilling program & asset base.