I have a problem with the valuation in the OP.
Why would you give a value to mining equipment? I can understand it being on their balance sheet as an asset, but I wouldn't understand investors valuing it in the share price unless it was a given production was going ahead.
Not to mention saying they have $3.2m cash is a bit deceiving. Their intended use of those funds is laid out in the prospectus (see 4.4, page 13):
http://www.alcyone.com.au/index_htm_files/ASX/Replacement%20Prospectus.pdf
Don't get me wrong, the price of Silver seems to be firming up and I even expect we may see a rally into Christmas (for Silver), so AYN might be worth a short term punt IF they are listed near their initial issue price.
I suspect the biggest short term risk is cash running out and the need to raise additional capital...
In my opinion AYN is a speculative play only in its current state, of course there is potential for that to change. I would struggle to see value at anything over 3c on listing.
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