1. Current market cap: 470m shares x 8.5c = $40m Less: cash on hand (per March quarter report) $3m Less: imminent cash from GRAM JV as approved by FIRB $3m Enterprise value of ORD: $34m!!!
2. Of $10.8m JV with GRAM,$7.8 will be funding for Copper Flats copper project.
3. IGV of $52.9b still grows 130million ton JORC indicated resource will grow significantly as Feasibility Study has been started preparing in April 2011, expecting SIGNIFICANT resource increase. (per announcement on 15/03/2011)
4. Resource upgrade expected near term (per announcement on 3/05/2011)
5. SARCO IPO will significantly increase the value of ORD shareholders. -$180-200m IPO -$420m borrow from Chinese banks at low rate (current China lending rate is around 6.31%)
6. Off-take agreement is under negotiation.
VAN Price at posting:
8.3¢ Sentiment: ST Buy Disclosure: Held