received a copy of a research report dated 18 October 2010 by...

received a copy of a research report dated 18 October 2010 by Mirabaud Securities LLP. 34 pages so I won't cover every detail but the main points are:
Investment case:
Strength of management. will enable the group to make further aquisitions.

Low execution risk in first project. picked up a near to production asett for a fraction of the replacement cost.

Inherent upside in windimurra valuation. resource base and exploration potential could support significant expansion and/or life extention.

Positive outlook for vanadium prices. valuation is based on us$30kg, Roskill forecasts us$62.75 by 2015.

Second product stream. 1MTPA iron ore fines sales - currently us$120/t landed in China.

Potential third product stream. ability to produce vanadium pentoxide.

China effect. Focus on commodities and locations that take advantage of china as a market.

Blue Sky potential. although very early stage Vietnamese bauxite project has the potential to be significant.

Valuation Premium. Value the company currently at $2.88 based on:
(go to part two as I'm running out of space....