Finally i managed to digg out the report. The report was writting when VMS was still assessing the feasibily of the Riley Iron mine. The fair value on the share price was 87c Plus. There were 200millions shares on issues, that gives it market cap $187millions ...Back then when Iron Ore price was at $130
Now The Iron ore price now is $128.20, Riley Iron Mine is set to start production and The Tungesten complex mine is very close to join Riley . So my estimation to the fair share price approx. 1billions shares on issue is 19c to give it $187millions MC.
Once they start shipping and $$$ starts coming in... share price should go up from there.
Here is the report if you understand numbers.
http://www.rmresearch.com.au/wp-content/uploads/RMResearch-VMS-20100630.pdf
Independent Broker Evaluation Report
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