Australia's Largest Onshore Manganese Resource, page-23

My reading of the Euroz report is that they value the company at $1.08 / share but if you read their analysis there is a 70% discount for execution risk and no allowance for stronger Mn prices nor for resource upgrades. They also use AUD / USD exchange rate of 72c and I note that it is currently sitting at 70c. All that is fair enough IMO cause no-one can know where the exchange rate will go etc. The point is that even with all those considerations their valuation is well above the current SP. My initial buy price was around 20c and the shares were so thinly traded that it took a couple of day to get filled (still very thinly traded), after that I have bought variously at 11c, 30c, 40c, mid 60's and again at 77c so that my average price is just above 40c. My thinking is that once finance is announced the SP will be around $1 and then around $2 once they are mining and somewhere around baseplate. If there are teething issues, the Sp will pull back and stagnate somewhat but I cannot see it retracing back to 40c so with just a little bit of luck I think we are onto a winner. All IMO and DYOR