Fox-Davies research note (seem a reasonable outfit from my quick...

Fox-Davies research note (seem a reasonable outfit from my quick look at web site etc...)

"Given the stage the Company is at, we believe that it
should be valued on the basis on its net un-risked
resources, as opposed to the Contingent resources.
On the basis of the list of peers, and their valuation,
we believe that the share price should be trading at
approximately A$0.25 (see below). However, we also
recognise that there is a headwind for the share price
arising from the fact that there is widely held belief
that the Company needs financing to fund its work
programme if it cannot introduce a farminee."


www.fox-davies.com/media/52127/rialto_factsheet__jan_2013_.pdf