ev $1.46 per share !!!

Valuation

Ironbark is currently trading at $0.055 for a market capitalisation of just $20.3 million. This puts a valuation on its mineral assets of $18.2 million after deducting the June Quarterly cash balance of $2.1 million. The Enterprise Valuation of Citronen is $17.2 million (after allowing $1 million for other assets), or $0.0015 per pound of JORC compliant zinc equivalent resource.

Glencore is a long term investor and has provided Ironbark Zinc with an undrawn US$50 million equity funding facility that converts at $0.42 and $0.50 per share, and assumes an Enterprise Valuation of $0.012 - $0.014 per pound of zinc equivalent. This long term valuation is supported by Nyrstar with major funding support in 2010 at $0.35 per share

The EV/Zinc Equivalent is well below the Glencore funded and developed Perkoa Project owned by Blackthorn Resource with an Enterprise Valuation of $0.0.049 per pound.

By comparison, Ironbark Zinc is evaluating the annualised production of 408,500,000 pounds of zinc and 105,700,000 pounds of lead for a mine life of 14 years. The current Enterprise Valuation at Citronen is only 3.06% of that accorded to zinc resources at Perkoa. Investors should note that the current market valuation:

- Significantly undervalues JORC resources at Citronen
- Discounts the upside potential of the exploration target of 302Mt to 347Mt @ 4.4 to 5.0% zinc, along strike at Citronen. Perkoa does not have similar exploration upside
- Discounts the strategic value of the shareholder relationships established with Glencore and Nyrstar
- Discounts the potential inherent in the MOU executed with China Nonferrous to majority fund the design and construction of the process plant at Citronen
- Discounts the strategic potential inherent in the $50 million undrawn credit line provided by Glencore
- Discounts the upside potential within the Australian exploration portfolio

Applying an Enterprise Valuation of $0.049 per pound to 11 billion pounds of JORC compliant zinc and lead resources at Citronen equates to a pre-production EV of US$539 million or $1.46 per share on un-diluted capital. This does not take into account exploration potential or make allowance for a rise in zinc prices.

The obvious catalyst here is completion, approval and funding of the EPC by China Nonferrous to build the mine and process plant.

WHAT WHAT WHAT ?????? $1.46 ?????? Are you "SIRIUS" ???