graphite drilling commences, page-5

bullsroar,

Very different stages of development. Yes, LML funded a scoping study last year to define some possible metrics for Kookaburra Gully; but it was conceptual in nature and they're still a long way from getting to even their low-end production scenario of 14k/pa >95% (top of my head #). SYR on the other hand have a very large resource and are getting ready to go into production. Worlds apart - at least for now. A better peer comparison is AXE. With LML at 13c, they have a higher mc than AXE with significantly less cash and a less developed graphite project. Even allowing for some nominal value to Gum Flat, you can still see why i worry about how high of a mc LML can support, at least until we see some positive drill results come out of Kookaburra Gully. 15-16c is my range to exit and if it falls back to 8-9c again i will buy once more.