As someone who has been a very involved and questioning...

As someone who has been a very involved and questioning shareholder for over 2 years, the parallel with BRM is becoming more and more tangible, albeit that Dynasty is about 8-12 months behind but catching up. Whilst BRM has a small Pisolite deposit, both BRM and DMA are essentially large Detrital ore deposits. The most significant difference between BRM and DMA's Ore is that the BRM ore has a higher average grade prior to Beneficiation and this will reflect in the salebale volumes. However the amount of ore that will actually require beneficiation could change that.

BRM states that it has the 4th largest Haemetite Reserve in the Pilbara. ( DMA also has a very large low grade but not yet confirmed Conglomerate Basal deposit and a small Marra Mamba deposit, and is confident that it will find extentions of this, over its very large tenements bordering BHP and RIO's giant Iron Bodies)

DMA has already announced that the Detrital Resource will shortly be increased to over 1bn and with higher Fe grades than the initial resource. The speed and efficiency of the drilling program which was put together by Mal Carson together with Dave Jenkins of Terra Search is nothing short of remarkable.

Final Beneficiation results are due shortly and should be a turning point.

For the benefit of other shareholders, I went through BRM's timeline over the past 3 years and compared it with DMA

Brockman Dynasty

Inital Drilling May 2007 Sept 2009
Initial Det Jorc Oct 2007 (43 mt) Feb 2010 (453mt)
Jorc Detrital Res 1.4bn 453mt => 1.1bn
Jorc Det. Reserve 900mt No
OVER-BURDEN 70 metres None (low cost )
Railway now No No
Port now NWIO member No
Beneficiable Yes to 60% 58% so far bulk test
Beneficiation provenYes Feb 2010 No (Nov 2010?)
Chinese partner Yes Yes ( Xingua )
Off take agreement Sino 50% of 17mt Xingua 2mt capacit
Pre-feas done Feb 2010 No
Def Feas Study Sept 2010 No
Spent so far $45m $8m
Market Cap $576m $18m
Cash at hand $78m $ 3m
Cash costs $31-34 per ton ? assume the same


So the differences are narrowing and the market cap differences are significant ( 30 times ). The market Brockman has rated BRM with a very high Mark cap > $300m for more than a year now, so relative value comparions are not out of the question.

Railway: Dynasty's Spearhole Detrital deposit is about 70km south of the RIO railhead. Now that it appears that the Rio BHP deal is off, Rio will be looking to develop its large deposit about 35km to the south of Spearhole. For this Rio will have to build a railspur through the DMA tenement and about 3km from the Spearhole deposit.

Management: BRM has Wayne Richards ex BHP as CEO with a developing team under him.

DMA has Mal Carson ( ex Cudeco) as its geologist and Ian Levy ( Ex Allegiance Mining and currently CEO of exciting bauxite comoany ABZ) as Chairman. The CEO position is yet to be decided. Xingua now has a board seat. It should be noted that Carson was right about the efficacy in Cudeco spending an extra 2 -3 years with the JORC, which bodes well for DMA, as it has been Carson who has been steering the DMA drilling program. Carson has significant long term relationships with the WA liberal leaders, which should bode well with the rail issues.

Methinks that DMA is undervalued