hartley buy rec 19c to 27c. now 9.9c.

On their website....

Matrix Metals Limited (“Matrix”, “MRX”, “Company”) is poised to deliver its
maiden half yearly profit in 1H FY2008 after completing the ramp up at
Leichhardt in October 2007. We estimate that the Company will have
NPAT of ~$1.4m for the half, based on revenue of $16.5m. We expect
this to be significantly bettered in 2H FY2008 after a full half of production
and a very strong copper price, yielding FY2008 NPAT of ~$10.4m.
Other than higher fuel costs, Leichhardt is performing well and has not
been impacted by the recent flooding across large parts of Queensland.
The expansion to 9ktpa is on track, with construction due to commence in
the June quarter after the wet season. The Company is also due to
release an updated resource and maiden reserve soon, which should
lead to a significant lengthening of mine life to at least 6 years once
metallurgical testing is complete.
Following a sustained sell off over the past few months, we believe MRX
has been heavily oversold. Matrix is highly leveraged to the copper price,
and with the Company about to release its maiden profit and trading at a
significant discount to our base case valuation of 19cps, we believe that
Matrix offers exceptional value at current levels. We have therefore
upgraded our recommendation for Matrix Metals Limited to a Buy.