I'm not a holder but have been watching DVP for a couple of...

I'm not a holder but have been watching DVP for a couple of years.

The biggest positive for the SP is that right now, and for the last while, the CEO has had an awful lot of egg on his face. Historically he's a proven leader, winner and has been very astute. It feels like his ego got in the way a couple of years ago and hence the current fiasco. But at the current SP i think this is good news and the future 'could' be bright, but it may not be where you think it is, let me explain my thoughts;

Fundamentally the CEO has made some very average acquisitions, yes they can be explained away, but they are still average today at best. Unfortunately the PD business has very little value in it, SS needs higher commodity prices and WL is the bioleach project / many times failed mine that no one else would touch. DVP can dress these assets up however they like but at best they are B grade assets. WL having failed several times was bought by DVP for $15m in cash and then various amounts of shares and progress payments. And this sale process took a year during which no one else would touch it. I just can't see WL getting off the ground at these commodity price levels. Take the train to Goulburn, get the taxi to the Loaded Dog Hotel or Hibernian Hotel, put some money behind either bar and talk to the locals. They will laugh at you when you mention WL. Its the village joke.

All 3 'mining' projects i think need higher commodity prices. Brokers are being kind on valuations and NPVs because they can smell a capital raise / debt / something!

The real opportunity and the upside is in the mining services business and the CEOs very bruised ego. The mining services business is a horrible, messy, low margin, yuk business. BUT well run it should make money and is annuity style, and it does seem to be well run. The CEO is a renowned deal maker. If he can spin out/sell the 3 mining projects to someone, somewhere, and then leverage the mining services businesses for a proper A grade acquisition then the egg may fall from his face. He's got $100m of his personal wealth on the line and i wouldn't want to bet against that or the ego bruising.

The SP could bounce strongly from here, but not from the drill hole, it will be from deal making if at all.