Food for thought - weekend observation

back in May 2010 Hardman & Co did a research analysis on MTB.
Conclusion was:
"To summarise;
1. Our peer group analysis suggests that most lead/zinc equities are currently undervalued and that Mount Burgess Mining‟s current share price should be between AUS$0.03 and AUS$0.04 on current issue.
2. Analysis of recent transactions in the lead/zinc universe shows that exploration and development tonnages are currently being discounted when compared to December 2007 and that production tonnages are being valued at a significant premium.
3. On the basis of those transactions a Fair Market Value for Mount Burgess Mining would be approximately AUS$0.031/share.
4. Successful completion of a DFS/BFS or bringing the majority of the existing resource into JORC-compliant Measured and Indicated categories would attract a valuation of around AUS$0.125/share under current sentiment.
5. A fully-permitted, ready to roll Kihabe/Nxuu Project today should attract around AUS$0.24/share in a corporate transaction.
6. A fully permitted, ready to roll Kihabe/Nxuu Project appears to have a Fair Market Value of AUS$0.961/share on current issue with no discounts applied. 7. Applying a aggressive 10% discount to cash flow over 10 years brings that down to AUS$0.199/share on current issue and fully risking that value provides an FMV of AUS$0.072/share."

Now couple of things to consider:
1)Back then the company had 328 million shares. now it has 183 million. so in worst case scenario they valued the company around $9.8 million(price at $0.03). now if you do the calculation for 183 million shares you get $0.056

2) Metals prices back in 2010 – Zinc LME 27 Month Seller on 09/04/10 - US$2,458/tone, Lead LME 27 Month Seller – US$2,300/tonne, Silver $17/oz
Current Prices zinc: $1757 lead: $1707 and silver $15.34

current market cap: $1.6 [email protected]
I say its a BIG buy for me.