Broker Data, page-391

Last year we dropped from a 13c peak to 5c for no obvious reason before a NI update triggered a big up day that then went on to rally the sp from that 5c low to 21c in four months. From this year's peak of 19c we have dropped to 7.1c.
The drop from 7c to 5c last year looked just as relentless as the current drop from 10c to 7c. I don't know what it will take this time to reverse it and it's difficult to imagine as big a rally near term as last year's, but a trend reversal would be nice to see sometime very soon now!
Mc is now just $53mill with $23mill cash on hand which is just extraordinary. $30mill enterprise vale on a project with a base case NPV of A$300mill scheduled for production in 1 year. Whether it runs late or not, that's just nuts!
Even if they raised A$53mill cash at the current price (and I'm certainly not expecting that but say that's the worst case scenario), the market cap would jump to $106mill, which still leaves around 3 times upside to the AFTER TAX, BASE CASE NPV of A$300mill. Again that's nuts! - and likely absolute base case sp upside scenario. Get debt, customer off takes instead and the upside from here will be much greater.
Still have a green ammonia project there as well which will probably have a much higher NPV again. Maybe that reversal should be quite sharp despite this global economy.