As I've always said Focker, the fundamentals of HOR have NEVER been in question as far as I'm concerned.
The HL JORC can't come soon enough but one gets the impression that even if it goes from 91k tonnes to 130k tonnes the SP wont change.
Investmet were a welcome addition to the register in a time of much needed working capital, however ever since their placement in Feb last year, the SP has behaved very poorly in the face of some solid drill results.
HOR has 101k tonnes JORC (Kumarina & HL combined) SFR approx 600k tonnes (7yr mine life)
HOR has approx 75m shares, SFR has 150m
HOR 15.5c compared to SFR @ ~$7.00
If we compared oranges with oranges and said that SFR has the same # of shares as HOR then the SP would be ~$14.
Based on tonnages alone, HOR would trade at 1/6 of SFR or approximately $2.30 p/s.
Obviously, this is not a very financially sound comparison, but it does highlight the potential upside for HOR should all things fall into place.
HOR Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
